An offline mobile map for travelers has raised $ 50 million in a fundraising round led by Almeida Research.
Announced Monday, Fresh Capital will move toward launching a multi-currency wallet Map.me And enable a decentralized finance (DFI) ecosystem on the platform.
Cryptocurrency donor Genesis Capital and institutional cryptocurrency firm CMS Holdings also participated in the round.
According to a press release shared with Coindesk, the Map.M Wallet is expected to “unlock defy tools” for its 140 million users by allowing multiple payments and access to investment tools.
“By embedding and democratizing revenue-generating millions of users through its daily application, MapsM has the potential to drive truly DFI mainstream adoption,” said Sam Bankman-Fried, chief executive of Alameda Research.
The move seeks to remove intermediaries and banks from the travel-financing-equation, enabling users to save value and earn up to 8% yield. In the statement, each user will be able to send and spend money in multiple currencies for cross-border travel, exchange cash on transactions and exchange funds at official expense.
With the offer of its wallet, the travel platform says it is fighting against high foreign exchange fees and commissions charged by banks and third-party travel booking providers. Maps.M wants to allow users to book direct travel through its integrated wallet with a “near-zero” fee.
The Maps.com app provides turn-by-turn routing, travel guides, hotel bookings, and offline access to maps, targeting travelers without a cell-phone reception or pre-paid phone plan.
Bankman-Fried told Kindesk via telegram, “A sharp development team teamed up with a sharp product design to bring a lot of traffic to DFI through the Maps.m app …”
Amendment (January 18, 3:59 UTC): A press release incorrectly referred to the fund as a seed round. Maps.me raised its seeds in 2013 Crunchbase.