JustUs and its sister company Moneybrain are planning to launch in the US later in the year.
eMoneyHub is the parent company of peer-to-peer lending platform JustUs and Moneybrain, an app that enables investors to deposit money in different currencies. Moneybrain also allows investors to exchange their funds into its BiPs cryptocurrency and on the app lenders can also invest in JustUs loans.
Lee Birkett (pictured), founder of eMoneyHub, said that 1,000 people in the US have downloaded Moneybrain so far.
Birkett said the Moneybrain app can operate globally through its BiPs cryptocurrency, with the exceptions of the US, China and Russia, all of which have their own separate regulation.
He said certain countries require firms to be located there to deal with customers. To continue operating in Europe post Brexit, by 1 January a digital monetary gateway was set up with its recently formed sister company Moneybrain OÜ Estonia and the company’s BiPs.
This allowed European investors to continue to purchase BiPs and invest in JustUs loans.
“The borders are crumbling because of crypto, you can transfer one currency around the world by your mobile phone,” he said.
“The product is so much in demand globally that we wouldn’t need to spend on marketing for the US launch, it’d just be relying on word of mouth and getting the regulatory permissions.
“Moneybrain OÜ Estonia was needed for Brexit, it had to be live by 1 January to continue to deal with European investors.
“The regulation we have to follow is similar around the world, it’s common sense across the board, such as knowing your customer and making sure they are good and not terrorists or money launderers. Our compliance team is growing.”
EmoneyHub has extended its ongoing Crowdcube campaign, which has raised over £1.3m, from 14 February to the end of the month to give investors more time to ask the firm questions.