Company: Millicent Labs
Founders: Stella Dyer, Kene Ezeji-Okoye, Dr. Zakwan Jaroucheh & Umair Sarfraz
Website: https://millicent.io
Business: Millicent Labs aims to create the financial plumbing of the future on regulator-friendly blockchain rails designed to make money move like data on the internet
About Stella, Kene, Dr. Zakwan, Umair and Millicent Labs
Millicent Labs is a blockchain-enabled fintech company, born towards the end of the pandemic in early 2021 as the founders began to realise the negative implications of the move towards cashless societies.
Although convenient, current electronic payment rails — like card networks — can cost merchants between 1% and 4% to process, and take days for funds to reach their bank accounts.
Funded in part by Innovate UK, Millicent Labs aims to create the financial plumbing of the future on regulator-friendly blockchain rails designed to make money move like data on the internet — borderless, instant and with next to no fees. According to co-founder, Kene Ezeji-Okoye: “We don’t send ‘cross-border emails’, so why do we still struggle with cross-border payments”.
For CEO, Stella Dyer, these remittance payments, and the average 6.5% fees they entail are close to her heart.
By combining the structure and stability of the traditional financial system with the speed, cost, access and composability of Web3, Millicent Labs hopes to break down walled gardens and create a strong, collaborative foundation for the future of global financial services.
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