In this context of innovation where new banking models supported by technology have emerged, 2gether is born and the first collaborative banking platform in which the client has voice and vote, since in addition to obtaining services without commissions, he will obtain part of the income obtained.
It is aimed at profiles that represent 29% of the population, with an age between 25 and 40 years, people who operate with collaborative models such as Uber, Airbnb or Car2Go, which in 2gether are considered “Digital Experimenters” and those attracted by new financial experiences (Fintech), profiles called “Digital Bankers”.
The initiative, of European scope – the web is in English, so it is already pointed out that the ‘target’ is not only from this country – and 100% Spanish capital, it has a decentralized character and “works for and for the client”. Two firms, FinREg and Uría Menéndez, are the ones that provide legal services to this new banking model.
2gether works as 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, cryptocurrency created for this purpose at least and € 5,000 maximum.
At the same time it allows its members to use all services without commissions, vote on important decisions (commercial, product, etc.), and be rewarded (in 2GT) every time they generate revenue for the platform.
Ramón Ferraz, CEO of 2gether, explains that “we differentiate ourselves from the existing models through our collaborative system. In 2gether the member users are also ‘owners’: they participate in a remarkable way 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”.
Spanish initiative
2gether is a Spanish initiative founded by Salvador Casquero and Salvador Carrillo, professionals with a long career in the financial sector and with great experience 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.
Specifically, 2gether has in its shareholding 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
Uría Menéndez and finReg, as legal advisers, are in charge of issuing the currency, licenses or prevention of money laundering and BI Geek, as a technological consultant highly specialized in exponential technologies
The regulations in force must be fulfilled
“Our relationship with 2gether began in 2018 and has focused on the analysis of the issuance and circulation of the cryptocurrency of the 2GT token platform through an ICO or initial coin offering. In particular, we have advised them in the determination of the legal nature of the 2GT token and we are collaborating with them in the registration of their ICO with the regulatory body of Malta (the MFSA), a jurisdiction in which at the end of 2018 an new legislation that regulates the emission of cryptoactive or virtual financial assets based on blockchain technology, such as the 2GT token”, says Enrique Nieto, from Uría Menéndez.
The lawyer recalls that “the team of 2gether has as a priority that the operation of its platform scrupulously comply with the applicable order, assuming the challenge that its application implies in the case of such an innovative product like this. For our part, we have advised them with a multidisciplinary approach to help them meet this objective and to comply with the regulations that govern the sector in which they operate”.
Our interlocutor points out that “we have established a first level dialogue with the different regulatory and institutional bodies involved in these digital activities. In this way, we accumulate the necessary capacity and experience to provide integrated and innovative advice to our clients in these fields”.
For his part, Jorge Ferrer, partner of finReg highlights that “our advice to this platform has to do with compliance with all financial regulation, both for the licenses they need to provide the activity, and in general everything that has to do with the new payment regulations, PSd2. Starter services and aggregation of accounts, which are the new services that are included in the new regulations, as well as in the traditional services of payment, admission of money and acquisition”.
From this legal boutique they are also assisted in data protection for the exploitation and use of customer data, as well as working at the same time on the prevention of money laundering.
“Our way of working always has a training leg where we explain how the existing regulation has to be adapted to each client and its activity. We share knowledge about regulation and how it affects them directly”.
For this lawyer we are facing a disruptive business which means that the regulation itself has to be adapted to that environment.
The customer receives income for their management
The main source of income of 2gether will come from the distribution of financial products and services of 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 the “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”.
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.
Any digital banking customer could be interested in 2gether.