Cross-Border Fintech Takes Spotlight in Y Combinator’s Winter 2024 Cohort

Cross-border fintech is hot right now. The cross-border payments market is forecasted to reach over $250 trillion by 2027, according to the Bank of England. And experts say fintechs are giving banks a run for their money (pun intended) here, especially in the business-to-business sector where artificial intelligence, machine learning and blockchain come into play — all emerging technologies fintechs love.

Numo

Numo is a fintech startup focusing on payroll systems and banking solutions tailored for remote and international contractors. Led by CEO Derrick Wolbert, who previously worked at Hologram.com, the company aims to provide users with a U.S. bank account and access to low-cost local payment rails. Co-founders Reuben Balik and Q Carlson bring their expertise to the team, leveraging their experience in global cellular networks.

Numo’s innovative approach involves stitching together the best carriers in each market, enabling users to withdraw their funds instantly in their local currency. The company initially tested its services in Nigeria, where it has already attracted 1,000 users and verified 330 contractors. Wolbert describes Numo as “financial infrastructure for the new generation of tech workers,” highlighting its mission to provide efficient financial solutions for the evolving landscape of remote and international employment.