Singapore-based blockchain solutions startup LALA World claims to have raised $2 million in its Series A round of funding.
However, the firm offered no details about the investors that participated in the latest round. Surprisingly, its media statement also did not mention its upcoming ICO, for which it separately announced a pre-ICO from November 15 to December 5.
Founded in April 2016, LALA World claims to serve the underbanked and underserved, offering financial products, communities and technology to enable them to perform various financial services without intermediaries and at minimum transaction costs.
“Around 2.5 billion people don’t have basic access to proper financial services. The majority of the underbanked face severe challenges as they lack basic banking education. Sending pay-checks to their hometown would take weeks and to compound matters, they have to pay various charges, which can be pretty hefty,” LALA World founder and CEO Sankalp Shangari said.
The company claims that migrant workers are charged around 10 per cent in commissions and fees when sending money to their families through intermediaries. Using blockchain, LALA World says it reduces transaction costs to under 1 per cent.