As immigrants from India, the three friends experienced the familiar problem of remittances felt by people who have part of their personal or professional networks outside the United States.services such as Venmo or Zell We only support payments within the United States. This results in a lack of opportunities to access or send money to family members and employees abroad, for example.
With decades of experience in software development, business, and product management, and a common frustration with this problem, Parag Sharma (based in RTP), Rahul Chaudhary (based in Chicago), Mohan Lath (based in London) ) decided to solve this problem themselves. .Result is Amplexis a payment solution on top of WhatsApp, the most used chat application by people in India and many other countries. The three are co-founders, with Chaudhary serving as CEO.
“All of these designs for Android and iOS are designed in the U.S. with U.S. buyers in mind,” Choudhary said. “So in Asia, people may not be as tech-savvy or tech-educated, so they might not be able to quickly learn how new apps are being used. They use chat apps 30-40 minutes a day, 10-15 times a day, so they understand them intuitively and deeply.”
Currently, Unplex works similarly to an automated chat box within WhatsApp. Users “chat” with her Unplex, texting instructions for sending money to a specific person, the amount, the purpose of the money, and sometimes adding a personalized message. Therefore, people do not need to download another app and can do all their money transactions and conversations in one place.
Using AI and permissions granted to users’ data such as bank accounts and contact lists, Unplex is able to predict what users want based on what they type. If a user wants to send her $20 to her mother on Mother’s Day with a personalized or automated message, the AI will tell her when Mother’s Day is in different countries (based on the calendar), how much money she will receive from her account, and how much money her mother will receive from her account. Predict who it is. Based on contact information.
The model is based on the theory that standalone apps will no longer exist in the future, Chaudhary said. He believes that advances in AI and automated permissions will allow him to ask Siri, or his intelligent assistant, to order an Uber for him instead of ordering an Uber in a standalone app.
Entering this particular market opens up the possibility for people to access and perform any task within one space, in this case WhatsApp.
“Incumbent companies have created closed, profitable walled gardens, meaning that profitability is affected by ‘locking’ users into apps,” Chaudhary said. Ta. “Unplex is trying to promote something open. We believe that an easy-to-use user experience will drive adoption and drive profitability.”
Unplex has already raised about $600,000 and is in the midst of its next round of funding. They are calling on businesses with immigrants and overseas employees using WhatsApp to try out a powerful AI-powered cross-border payment solution. They added that anyone in the Triangle who would like to learn more about their products and how to invest can contact them. support@unplex.app.
Chaudhary has lived in the United States for more than 18 years, but said there is always an underlying feeling of feeling like an outsider. She can never use Zelle or her Venmo to send money to her family overseas, and she always has to worry about her finances because once she has a financial mishap, she could lose her green card and affect her family. I felt a real sense of crisis.
Meanwhile, Mr. Sharma, a successful founder of an India-based company valued at more than $10 million, was denied applications for U.S. credit cards and car loans. International credit scores do not transfer seamlessly to credit scores Because of frustration in the United States with people like Sharma, especially those who came to the country without a tech-savvy background or financial resources, Chaudhary and his Unplex team have We are planning to update Unplex to support trusted translators who can help explain what is possible. measured and converted to US metrics.
“Even if you’re a 60-year-old billionaire in India, I feel like the United States doesn’t care about that,” Chaudhary said. “When we come to America, we feel like we’re just immigrants. That’s how we’re treated, that’s who we are to them, and Parag really faced that treatment. I We want to change that narrative and ensure that immigrants never feel that way.”
