# Baluwo Financial Services S.L.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/baluwo-financial-services-s-l

- Industry: Internet
- Headquarters: Barcelona, Spain
- Website: www.baluwo.com
- Total disclosed funding: $2.8M
- Latest round: Seed (Jan 4, 2020)
- Investors on record: 5

## About

Baluwo Financial Services S.L. offers a mobile application that connects the diaspora community with essential financial services, including money transfers, mobile top-ups, and electricity recharges, specifically for users supporting families in Africa and America.Founded in 2016 and headquartered in Barcelona, Spain, Baluwo Financial Services S.L. provides a platform for facilitating financial transactions for the diaspora. The company has completed five deals, with the most recent funding round occurring on March 10, 2022, when it raised EUR 2 million led by Creas, alongside participation from Open Value Foundation. Josep Arroyo is the CEO and founder, with a background in establishing similar ventures in the financial technology space.Baluwo provides a comprehensive mobile application designed to support the diaspora community by consolidating essential services into a single platform. Their core offerings include money transfers, mobile top-ups, and electricity meter recharges, catering specifically to individuals seeking to assist family members in Africa and America. The app enables users to send money internationally, with the first transfer free of charge, making it an accessible option for remittances. Additionally, users can recharge mobile balances and purchase internet credits directly through the app, facilitating seamless communication for those in their home countries. Baluwo’s services primarily target customers in Europe and North America, specifically those with ties to African nations, thereby enhancing connectivity and support for families living abroad.Baluwo generated revenue of EUR 12,394,197.80 in 2022, with an EBITDA of EUR -457,161.10 for the same year. The company earns revenue through transaction fees associated with its services, such as money transfers and mobile recharges. The business operates primarily on a B2C model, where users conduct direct transactions via the app, incurring a nominal fee for transfers after the complimentary first transfer. Revenue also comes from partnerships with local retailers and service providers, allowing users a wide range of services efficiently.Baluwo Financial Services S.L. plans to leverage the EUR 2 million raised in March 2022 to enhance its offerings and expand its reach. The company aims to develop new impact services, particularly in health and education, to attract more migrants. Baluwo intends to penetrate additional markets in Europe and North America by the end of 2023, focusing on regions with significant diaspora populations seeking improved financial connectivity.

## Funding rounds

- Seed, Jan 4, 2020, $0.6M — Big Sur Ventures
- Seed, Feb 8, 2019, $0.6M — Big Sur Ventures, 4Founders Capital
- Seed, Jul 17, 2018, $0.5M — Lanai Partners
- Seed, Nov 16, 2017, $1.1M — Cabiedes & Partners, Big Sur Ventures, Lanai Partners, 4Founders Capital, G8i

## Investors

- Cabiedes & Partners (https://capitalatlas.ai/funds/cabiedes-partners) — Seed
- Big Sur Ventures (https://capitalatlas.ai/funds/big-sur-ventures) — Seed
- Lanai Partners (https://capitalatlas.ai/funds/lanai-partners) — Seed
- 4Founders Capital (https://capitalatlas.ai/funds/4founders-capital) — Seed
- G8i — Seed