Cookies Wants To Become The Venmo Of Europe

Many take tried, but no European company has get as successful as Venmo so remote. Venmo is a great way to pay back your friends in a small in number taps without having to pay any fee. But its main issue is that it solitary works in the U.S. Stealth startup Cookies wants to carry on just like Venmo, but in Europe.

Cookies is too all about paying your friends out of any fee. The company promises a rapid onboarding experience and a great design. The app enjoin let you send and request wealth in seconds so that you bestow less time fighting with your bank clearing up.

“The payment field in Europe is family of broken,” co-founder Lamine Cheloufi told me. “And granting that you take a look at dating apps, you be in possession of Tinder and then you have more apps that people are not using. In the compensation space, you don’t have this complacent of phenomenon.”

The app isn’t available yet, but the company will soon launch a beta phase to iron gone ~ the last bugs before a the community launch during the first quarter of 2016. At first, Cookies will be available in Germany. But the joint concern plans to launch in other European countries in a few words after its launch.

Many have tried to originate a Venmo equivalent in Europe, of the like kind as Lydia or Pumpkin in France. But it’s harder to burst the code of the European mart as bank transfers are free — wholly you need is an IBAN code and time on hands.

In my continued, I have tried to make completely my friends switch to apps like Lydia. But in the greatest degree of them didn’t see the moment.

It all comes down to confrication. Many people don’t want to install yet another app and create now another account given that they before that time have a bank app on their phones.

If Cookies be possible to make peer-to-peer payments ~y order of magnitude easier and further viral, it has a chance to stand ~right from the competition. And it turns uncovered Cookies already has a promising founding team.

The couple founders Garry Krugljakow and Lamine Cheloufi met when they were working for Number26, a German fintech startup that has made some waves for the past year. I’ve covered Number26 divers times on TechCrunch already, calling it the most judicious banking experience in Europe.

Cookies won’t have ~ing a direct Number26 competitor — it doesn’t try to devise the bank of the future like Number26. But many former Number26 employees are now laboring for Cookies. On the team serving-boy, you can spot product designers, cob~ engineers and mobile engineers who were quite working for Number26.

While it’s not plenty to call it an exodus, it’s good to say that Cookies’ backstory is in a straight course tied to Number26. There are even now 25 people working for Cookies.

The German startup freshly raised $1.6 million (€1.5 the masses) from Holtzbrinck Ventures and business angels, of that kind as studiVZ founders Ehssan Dariani and Dennis Bemmann, current and prior Wunderlist executives Benedikt Lehnert, Steen Kiedel and Chad Fowler, and Auxmoney CEO Raffael Johnen.

When it comes to product, I have yet to see it in deed , but the company gave me a not many hints already. Compared to other e-wallet apps, in that place is no balance. When you have capacity for a payment in Cookies, your cash is transferred directly to your bank explanation.

“We’re not a classical e-wallet. Most companies, of that kind as Venmo are based on each e-wallet model,” Cheloufi reported. “In Venmo, if I conveyance money to you, it’s going to exist parked somewhere. Then you have to demise it to your bank account. From our indirect, we make a classical bank-to-bank proceeding.”

Trust is also an of high standing component of a payment app. In Cookies, everybody has a contour picture. If you redeem a recompense for example, you see a hide with the sender’s face.

While Cookies has a strict privacy policy, the app also provides civil features. It’s unclear whether it behest be an optional feed like in Venmo.

Finally, Cookies abet custom URLs like Square Cash or You’ll exist able to reserve a vanity URL and divide it with your followers for exemplification.

Finally, the app supports group payments. This cast of the face is particularly important when you have need of to split the costs with greater amount of than one person.

Everything about Cookies looks crafty. The founders are tackling an of influence challenge, but it looks like they are inclined to go all in by hiring dozens of folks from day one and making certain they don’t do the like mistake as other peer-to-associate payment startups in Europe. It’s going to subsist a long process, but somebody has to build a ubiquitous Venmo for Europe — and it could be Cookies.

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