Maps.me app plans to launch a multi-currency wallet
Maps.me, a mobile app that allows you to travel to different places without fear of getting lost, has received funding of $50 million. The service is based on the OpenStreetMap geographical map, which is free for use.
The main investor for the company was the Alameda Research fund, in addition to which Genesis Capital and CMS Holdings, which deals with cryptocurrency, took part in the round. Maps.me plans to use the proceeds to expand its functionality, provide a range of services and launch a multi-currency wallet. The latter will carry out the function of DeFi – decentralized financing. The possibility of using such products will enable the application owners to use a large number of payment and investment tools. Now Maps.me service is used by more than 140 million people.
The geographic community, on which the application runs, allows people to edit the maps themselves and add to them settlements, attractions and other points. After installing Maps.me, you can download maps to your mobile device to use them offline. In addition, the service provides hotel reservations and the use of travel guides. Thanks to the launch of a multicurrency wallet, users will be able to book rooms without charging a large fee. According to representatives of Maps.me, they want to reduce huge fees and make travel and its planning easier and more affordable for people. Having a multicurrency wallet will allow avoiding various commissions, which are charged by banks and services for booking and searching hotels.
The Maps.me startup was founded in 2010 by programmers from Belarus. In 2014, the corporation Mail.ru Group took over 100% of the shares, the transaction amounted to 542 million rubles. Last year, Maps.me passed into the hands of a new owner, Daegu Limited, which is part of the Swiss Parity.com Group. The latter is known for its application for the transfer and implementation of various money transactions and a number of financial services. Daegu Limited plans to turn Maps.me into a major fintech company.
The app is available for iOS, Android and Blackberry devices and can be used on smartphones and tablets, including the Amazon Kindle Fire.
Maps.me maps the route according to GPS, constructs the path for a car trip as well as for a walking trip. In addition, the application is able to export and import data, search for the desired object, and provide information about the institutions and attractions on the map.
Interestingly, the source code of Maps.me is open for change and is freely available on GitHub. In addition, any user of the application can edit the objects on the maps.
