An app to spend as you earn
DOREMING HAS A
simple but grandiose mission: ‘to reduce poverty and inequality to make a peaceful world’.
The fintech startup is a payroll platform targeting those with little or no access to bank facilities. The company was started as a solution for workers who lost everything in the 2008 financial crisis and had to survive on temporary jobs. It provides basic financial services via mobile phone; but crucially it also lets users access a percentage of their monthly salary every day.
This means those living hand-tomouth do not have to wait until pay day for money and are therefore less likely to go into debt. They can simply clock in and out of work with the app, which uses NFC technology, QR codes and SMS texts. The app also has an in-built payment system that can be used to buy goods in supermarkets and other stores. As founder and chief executive Masahiro Takasaki said to tech site The Memo: ‘ Technically, it’s an interest-free loan from the retailers you shop with, and they get paid by your boss at the end of each month.’
The service has won a place on KPMG’s FinTech100 list of disruptive and enabling tech startups, and it will collaborate with Japan’s Seven Bank starting this autumn. Doreming’s
30- person team has now expanded from the HQ in Fukuoka to occupy offices in London and San Francisco.