HAMILTON, Bermuda-Already the fastest growing telecommunications major in the Caribbean, Digicel has recently entered into a financing deal that could see it well positioned to expand mobile banking technology across this region. In an announcement released by the Silicon Valley based M-Via, a mobile banking firm which touts itself as the company that revolutionised how immigrant and unbanked families save and share their wealth, the Digicel Group was identified as the leader of a US$17 million financing round initiated by M-Via.
Following this successful fund raising, m-Via changed its name to Boom Financial and stated this financing round now took its takings to more than US$30 million to-date, which would be used to expand its product team in the United States, as well as to increase sales channels and distribution in the US, Latin America, and the Caribbean.
In commenting on the latest investment by the Bermuda-based telecommunications giant, Colm Delves, chief executive officer of Digicel Group said: "Digicel believes in providing the best value to our customers. Our investment in Boom Financial is a reflection of the strong value of the Boom service and the high-quality company that the team has built.
"Digicel's customers in the Caribbean and Central America receive more than US$5 billion a year in cash remittances from the US. Working with the Boom Financial team, we will seed a mobile banking ecosystem in these markets that eliminates the high fees and safety issues associated with cash remittances." The Digicel Group operates across 31 markets, including the Caribbean, Central America and the South Pacific.
The Boom mobile money service is the first to completely eliminate the need for traditional cash wire-transfer services, providing a safe, economical and easy way to send money. Boom members can use their mobile phones to make low-cost, bank-grade domestic and international money transfers and payments via a simple text message.
Members can also make purchases and withdrawals at thousands of participating Boom merchants and at more than 100,000 Boom automatic telling machines in more than 150 countries. "Our partnership with Digicel further validates Boom as the premier US brand for mobile financial services for immigrants and their extended families across the Americas," said Bill Barhydt, chief executive officer of Boom Financial. "Digicel's extensive coverage in key Boom markets such as Haiti and Jamaica will accelerate our reach into these markets."