Mochi

Mochi is an all-in-one financial wellness ecosystem - one that's decentralized, open, and accesible to all.

The specific problem being addressed is the lack of access to financial services for more than 60% of the population in Latin America, known as the unbanked and underbanked. This lack of access is compounded by the fragmentation of financial services, making it difficult for individuals to manage their financial transactions across multiple platforms. Additionally, current financial services are inflexible, slow, have limited access, and are not available 24/7, further hindering individuals' ability to have control over their finances and achieve economic freedom.

Mochi provides an central hub for financial services. Mochi offers a range of financial services, such as payments, money transfers, budget analysis, and investment options, all in one place. The platform also includes educational resources to help users better understand and manage their finances. Mochi can be accessed from any device and at any time. Our platform is powered by open finance, blockchain, and Web3 technology to provide financial services, with support for both traditional fiat currencies and digital cryptocurrencies.

The target population for Mochi is individuals in Latin America who are currently underserved by traditional financial services. This includes individuals who are unbanked or underbanked, meaning they do not have access to traditional banking services or have limited access to them.

Mochi aims to improve the lives of this population by providing an all-in-one ecosystem for financial services. Mochi makes it easy for individuals to access the services they need, regardless of their location or the time of day.

Overall, Mochi's solution aims to improve access to financial services for individuals in Latin America who are currently underserved by traditional financial institutions. Mochi makes it easy for individuals to access the services they need and improve their financial well-being.

Shalim Monteagudo, the CEO of Mochi, brings a wealth of experience and expertise to the team. His previous experience founding Mocrium, a venture capital DAO focused on humanitarian and transhumanist initiatives, has given him a deep understanding of the challenges facing individuals in Latin America. His experience as an intern in Citi's investment banking program and a venture capital intern at H2 Ventures has also provided him with valuable knowledge and skills in the areas of finance and investing. Additionally, his experience serving as a Global Shaper for the World Economic Forum and as finance chair and board member of the Interact Club of Rotary International has given him a strong understanding of the importance of community engagement and outreach.

Nayib, as the CTO, brings a strong background in software development. He founded Naxelattle Studios, a software development company, and is the president of the Interact Club of Rotary International. He is part of the MIT LaunchX Class of 2022 and the Harvard Science Research Conference of the Harvard Research Association. Nayib's participation in these programs and events demonstrates his ability to stay current with the latest technology. He was also a global finalist in the MIT Reality Hack 2022, a nominee for MIT Innovators Under 35, and a national finalist in the Peruvian Computer Science Olympiad and the National Robotics Olympics, which showcased his abilities to find creative solutions.

Overall, the combination of Shalim and Nayib's experience in the financial sector, software development, and their understanding of the needs of underserved populations make them well-positioned to deliver the Mochi solution and improve access to financial services for individuals in Latin America.

We have taken steps to understand the needs of the population we want to serve. We have done extensive research with registered users. Together with Rotary International, we have also volunteered and worked with existing organizations that are working on providing financial services to the unbanked and underbanked population in Latin America.

In addition, we have engaged potential and registered users in the design and development of our solution by incorporating their feedback and input throughout the process. We have held user testing sessions to gather feedback on the usability and user experience of our platform and have incorporated suggestions and improvements based on this feedback.

Mochi's innovative approach is its use of Web3 technology and open finance principles to provide a centralized, all-in-one decentralized ecosystem for financial services.

The all-in-one decentralized ecosystem is a key aspect of Mochi's solution, as it provides users with a one-stop-shop for various financial services, such as payments, money transfers, budget analysis, and investment options, all within one secure and transparent platform. This could potentially lead to a more efficient and convenient way for users to manage their finances, as well as provide more financial opportunities for unbanked or underbanked individuals.

Overall, Mochi's use of Web3 technology and open finance principles could serve as a catalyst for providing a more inclusive financial system, as well as making financial management more convenient for users through its all-in-one decentralized ecosystem.

Our impact goal for the next year is to onboard at least 100,000 active users onto the Mochi platform, providing them with access to a range of financial services, including payments, money transfers, budget analysis, and investment options, all in one place. Additionally, we aim to increase financial inclusion by providing educational resources and support to unbanked or underbanked individuals.

To achieve these goals, we plan to execute a comprehensive marketing and user acquisition strategy, which will include targeted digital and offline advertising, partnerships with relevant organizations and individuals, and community building efforts. We will also focus on providing excellent customer service and continuously improving our platform to ensure a seamless and user-friendly experience.

We also plan to collaborate with other stakeholders in the fintech and blockchain space, such as regulators, financial institutions, and other startups, to increase awareness and adoption of our platform. We believe that by working together, we can create a more inclusive and efficient financial system for all.

Moreover, we plan to focus on our security and compliance to meet the regulatory standards and build trust among our users. We will also invest in research and development to continuously improve our platform and add more financial services that meet the users need.

Overall, our impact goal is to empower individuals and communities by providing them with access to transparent and secure financial services, as well as educational resources to better manage their finances, with the goal of increasing financial inclusion and improving people's lives.

The core technology that powers Mochi is a combination of machine learning, blockchain, open finance, and web3. Machine learning is used to analyze user data and provide personalized financial recommendations. For example, the platform can analyze a user's spending habits and provide suggestions for budgeting and saving. Additionally, machine learning can be used to detect and prevent fraud on the platform.

- Blockchain technology is used to provide a secure and transparent way to record transactions on the platform. By using the blockchain, Mochi can ensure that all transactions are recorded immutably and can be easily audited. This increases the security and transparency of the platform, making it more trustworthy for users.

- Open Finance is the principle of creating a more inclusive financial system by providing open access to financial services and data. Mochi's platform is built on open finance principles, which means that users have control over their financial data and can easily access and use various financial services, regardless of their location or financial status.

- Web3 technology is used to provide a decentralized platform that can be accessed from any device and at any time. By using Web3, Mochi can provide a seamless user experience and be accessed by anyone with an internet connection. Additionally, Web3 technology enables the use of smart contracts, which can automate and streamline financial transactions on the platform.

Currently, Mochi serves around 10,000 people in the ecosystem. We plan to significantly increase this number in the next year by onboarding at least 100,000 active users onto the platform.

There are several barriers that currently exist for us to accomplish our goals in the next year. Some of these include:

1. Financial barriers: Mochi is a startup, and as such, we face financial constraints in terms of funding and resources to execute our marketing and user acquisition strategy. Additionally, regulatory compliance can be costly and time-consuming, which can impact our ability to onboard users and launch new features on the platform.
2. Legal barries: The regulatory environment for blockchain and digital currencies is still evolving, which can make it difficult for us to navigate and comply with new regulations.
3. Technical barriers: One of the main technical barriers that we face is ensuring the security and scalability of our platform to handle the increase in user traffic is crucial.
4. Cultural barriers: Adoption of new technologies like blockchain and digital currencies can be hindered by cultural resistance. Some people may be hesitant to adopt new technologies, especially if they are not familiar with them.

Overall, we are aware of these barriers, and we are taking steps to mitigate them, such as building a robust compliance and regulatory framework, collaborating with key stakeholders, and continuously working on improving the user experience.

Currently, we partner with two organizations: the Global Shaper Community of the World Economic Forum and Rotary International.

- Our partnership with the Global Shaper Community of the World Economic Forum is focused on addressing the needs of communities where global shapers work, specifically by working together to combat poverty. We work together to identify areas where our platform can provide financial services and education to those in need and support Global Shapers in their efforts to combat poverty in their local communities. This includes providing access to our platform and tools as well as support and mentorship to Global Shaper-led projects that are working to address poverty in their communities. This partnership allows us to reach more people in need of our services, and to collaborate with young leaders and entrepreneurs to make a positive impact in their communities.

- Rotary International: We have partnered with Rotary International to provide financial services to the underbanked and unbanked populations in the communities where Rotary operates. We are working with them to provide financial education and support to these populations, as well as providing access to our platform.

Our partnership with both organizations allows us to reach a wider audience and provide support to communities that are currently underserved by traditional financial services. It also allows us to collaborate with other like-minded organizations that share our vision of increasing financial inclusion and empowerment.

In both partnerships, we are working with the organizations to increase awareness about our platform, provide support to their members and communities, and provide financial education and access to our services. We believe that these partnerships will help us to achieve our impact goals and reach more people in need of our services.

The business model for Mochi is a Software as a Service (SaaS) model. This means that we will charge our customers a recurring fee, either on a monthly or annual basis, for the use of our platform. We will offer a freemium plan and three paid plans with different prices and services so that our customers can choose the one that best suits their needs.

This way, we can ensure that our services are tailored precisely to the customer's needs while also generating a steady revenue stream for the company. This model also aligns well with our goal of providing financial services that are accessible to a wide range of individuals, as customers can choose the pricing plan that best fits their budget.

Our path to financial sustainability for Mochi includes several key strategies:

1. Selling our services: As mentioned before, our primary source of revenue will come from selling our platform as a Software as a Service (SaaS) model. We will charge our customers a recurring fee, either on a monthly or annual basis, for the use of our platform. 
2. Raising investment capital: We will also raise investment capital from venture capital firms to fund our work. We will pitch our business plan and vision to venture capitalists and persuade them to invest in our company. This will give us the necessary funds to scale our business and achieve our goals.
3. Partnerships: We will also explore partnerships with other companies, such as mobile network operators, retailers, and other financial institutions, to expand our reach and increase our customer base.
4. Cost control: We will also focus on cost control and the efficient use of resources to maximize our revenue and minimize our expenses.

By implementing these strategies, we aim to achieve financial sustainability for Mochi and continue to grow and improve our services for our customers.