The wallet application Cenoa aims to enhance financial freedom by increasing access to dollar-denominated products in countries with high inflation. The initiative’s first product is a fee-free and free digital dollar account, which has quickly expanded to over 40 countries in Africa, the Middle East, and Europe. The digital dollar account is particularly notable for its ability to buy and sell digital dollars easily due to its five times lower spread. According to information shared by the initiative, Cenoa has surpassed 400,000 users worldwide.
Cenoa has now announced its second product, the “American Bank Account.” This feature makes it easier for users to receive payments from platforms such as Upwork, Fiverr, Amazon, Etsy, Shopify, and customers in the United States. According to Cenoa, the product makes receiving payments from abroad and transferring these payments to a TL bank account in Turkey ten times cheaper and faster. It is worth noting that over 150,000 freelancers and e-exporters in Turkey can benefit from Cenoa’s American Bank Account product.
The Initiative’s Team
Cenoa was founded in 2022 by Seçkin Çağlın, Emre Ertan, Sırrı Perek, and Buğra Çakmak. Seçkin Çağlın previously served as the General Manager of GarantiBBVA Payments Card business unit. Emre Ertan has held roles as Interim CTO and then CPO at Getir. Additionally, Sırrı Perek has experience working at Facebook, while Buğra Çakmak has worked at Google. The Cenoa team has grown to over 20 members.
Last year, the company secured $7 million in seed investment in a round that included investors from fintech companies like Coinbase, Chime, Sofi, and Robinhood, as well as Quiet Capital, Underscore VC, Collective Spark, Acrew Capital, Human Capital, and Ulu Ventures.
Highlights of the Initiative
Cenoa indicates that by utilizing technologies such as blockchain, digital dollars, smart contracts, and artificial intelligence, it reduces transaction fees by 90% and shortens waiting times from days to seconds.
Additionally, Cenoa provides 24/7 customer support through real humans. The company also offers an attractive annual interest rate of 5% on dollar balances. In the application that allows income generation from the digital dollar account, there are no minimum or maximum withdrawal limits, setting the product apart from competitors. According to the initiative, the Cenoa account balance cannot be frozen or blocked, as no one other than the account holder has access to it.
Furthermore, Cenoa has recently teamed up with Ruul to enable freelancers to receive payments at ten times lower costs. The company is one of seven selected for the Blockchain category of Mastercard’s StartPath startup program and also collaborates with Circle, the issuer of the digital dollar USDC, to raise user awareness regarding financial tools.
Artificial intelligence has made it possible to market in different languages and provide customer support at almost zero cost. It can be said that the features offered by Cenoa will facilitate the payment processes for those providing services and products abroad.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
