In the digital transformation of the financial sector, new models such as neobanks, challenger banks and BaaS, which aspire to compete with traditional banking through technology and user experience, have emerged with force. In this context of innovation born 2gether. The first collaborative banking platform in which the customer has a voice and vote, since in addition to obtaining services without commissions, you will obtain part of the income obtained.
“We differentiate ourselves from the existing models through our collaborative system. In 2gether the member users are also owners. They participate in the funding, in the decisions and capture the value that they create themselves and the community as a whole. In addition, in 2gether users can manage their euros and their digital assets and, in the future. They will access a large number of financial products from banks, insurers and fintechs through their marketplace. Which tracks for the customer the products by segments and allows you to compare and acquire those that best suit your profile.”
Ramón Ferraz, CEO of 2gether
It is a Spanish initiative founded by Salvador Casquero and Salvador Carrillo, professionals with extensive experience in the financial sector and with great expertise as digital business drivers. After its opening in Spain, it is planned for April of this year to extend its activity to all of Europe in the 19 countries of the euro zone.
The founding partners retain most of the capital and, so far, there have been rounds of Family & Friends that have contributed more than 2 million euros. In addition, 2gether has obtained funding from ENISA and from Challenges Collaboration of the Ministry of Science and Innovation.
In particular, it has shareholder positions with former senior executives of BBVA, JP Morgan and Banco Santander. Also with various advisors such as consultant A.T. Kearney, who advises the strategy of the different markets where it will operate, KPMG Spain, in the capital strategy of the company. The offices of Uría and Finreg360, as legal advisers regarding the issuance of the currency, licenses or prevention of money laundering and BI Geek, as a technological consultant highly specialized in exponential technologies.
How does it operate?
The main source of income of 2gether will come from the distribution of financial products and services from third parties such as Fintech, insurers or even the banks that integrate their services on the platform. Much of the income generated by 2gether is returned to the client that generates it in the form of 2GT, the digital asset of the company and limited issuance that will operate under the regulatory umbrella of Malta. The only country that has advanced in the EU and has regulated blockchain technology and digital assets.
In this way, the platform itself generates demand for 2GTs, which should positively influence its unit value. The majority of 2GTs belong to the community of users, the rest being owned by the shareholders and, for this reason, all seek to promote their value.
On the other hand, as regards the most similar business models, there are neobanks, although none of them has the collaborative component of 2gether. In this sense, Ferraz explains that banking cooperatives have always existed, have proven to be more profitable than traditional banks and more resistant in times of crisis. However, 2gether is the first cooperative digital banking platform that has its own digital asset and operates with the internet of value..
What services does it offer?
The 2gether service includes prepaid accounts in euros and digital assets (cryptocurrencies), income and transfers from them, free transfers in real time between clients, a VISA card that allows operating in euros and cryptocurrencies. 2gether allows the client to manage their traditional economy based on euros, but also their new digital economy. Therefore, the user can choose to keep the 2GTs or convert them into euros.
What is the client profile of 2gether?
Any digital banking customer could be interested in 2gether. For example, those profiles that operate with collaborative models such as Uber, Airbnb or Car2Go, which in 2gether are considered “Digital Experimenters” and those attracted by new financial experiences, profiles called “Digital Bankers”. At European level, these profiles represent 29% of the population between 25 and 40 years of age.
What do I need to be a 2gether client?
It works like a digital cooperative. To be part of 2gether, the user must only download the application, available on both iPhone and Android, and acquire € 10 in 2GT at least and 5,000 at the most.
What makes the client owner of 2gether?
It allows its members to use all services without commissions, vote on important decisions such as commercial, product, etc., and be rewarded in 2GT each time they generate revenue for the platform.
Also published on Medium.