5 years have passed since the birth of Bancore’s basic concept, and for a traditional start-up further investment and development would be quite unusual. However, since Bancore set out to produce a significant change in the world, we have always known that both our journey and our perspective would be longer.
From the outset our idea was to create a bank-like experience for consumers anywhere in the world, by combining the still growing penetration of mobile phones, existing banking infrastructure and a globally accepted payment method – and wrap these elements in an easy-to-use front-end for any mobile handset user or Internet browser.
With Bancore anyone can sign up in 1-2 minutes – whether banked or un-banked. Once signed up, a customer can deposit funds through a wide range of options and instantly send these funds to any mobile number in the world (except for the few countries on the restricted list mentioned earlier) – whether the recipient is a Bancore user or not. Both sender and recipient can use whatever funds they have in their accounts instantly via the issued prepaid cards. Note that all Bancore accounts and payment cards issued are prepaid, and cards will only be issued when funds are deposited the first time - until then the account can be accessed, but is dormant. This minimizes costs for Bancore and ensures that any user who sends or receives funds is in reality an active user with an issued and fully functional prepaid card.