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About SnapCard

SnapCard provides mobile application to create augmented reality business cards and digital business cards. The company is based in Indonesia.

Headquarters Location

Sampoerna Strategic Square 18th Floor

Jakarta, 10110,




Research containing SnapCard

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned SnapCard in 1 CB Insights research brief, most recently on Aug 1, 2023.

Latest SnapCard News

Aussie expat returns home with $267m after selling his crypto start-up

May 9, 2022

Share Nine years after Sydney entrepreneur Michael Dunworth packed up and moved into a Silicon Valley “Hacker House” to have a stab at tech start-up life, he has landed back home in Australia $US187 million ($267 million) richer after his cryptocurrency payments company, Wyre, was bought out for $US1.5 billion. The acquisition, by US-based payment giant Bolt in early April, proved a huge windfall for the 36-year-old as he had a 12.5 per cent holding, and he is now faced with the enviable challenge of what to do next. Michael Dunworth has 264 million reasons to smile after nine years in Silicon Valley. Louie Douvis Speaking to The Australian Financial Review about his rapid rise to the ranks of successful Aussie tech founders, Mr Dunworth said his company had managed to get ahead of a rapidly growing sector, and that he was still coming to terms with status as a new Young Rich Lister. “It’s an astronomical amount of money,” Mr Dunworth said. “But we were growing so fast and getting so big that we were arriving at the stage where we were starting to price ourselves out of opportunities.” Advertisement Wyre was co-founded with Ioannis (Yanni) Giannaros, a software engineer who inhabited the bunk bed beneath Mr Dunworth’s in the shared “Hacker House,” in Silicon Valley when he first moved to the US in 2013. It was a rented house stuffed with cheap bunks, where wannabe tech founders and software developers paid $200 a night while they tried to find their big break. Wyre uses blockchain-based technology to offer merchants fast cross-border payments and sells a crypto-based payments application programming interface (API), allowing businesses to plug directly into secure, regulated crypto-to-fiat payment infrastructure. It has money-transmitter licences in 27 US states and operates in China and Brazil. Bolt, which is known for its one-click checkout service for merchants, was reportedly valued at $US11 billion in a funding round in January, and saw Wyre as a way to add support for crypto transactions to its services. “Bolt is an incumbent in the payments space, and they can see crypto is where the market is heading,” Mr Dunworth said. Advertisement “They are like Peter Parker, and we’re the spider that’s going to bite them, turning them into Spider-Man.” Doing laundry dressed as Spider-Man didn’t work out for Mr Dunworth, but crypto payments certainly did. Louie Douvis It is a superhero analogy that shows the roots of Mr Dunworth’s whirlwind journey to success are still fresh in his mind. Having become friends with Mr Giannaros, the pair’s first business idea together involved dressing up as superheroes like Batman and Spider-Man and picking up dry cleaning around San Francisco. To their surprise, the business took off, and they soon found themselves driving around the city with loads of washing and developing relationships with laundromats. But after a disastrous bank holiday, when all the laundromats closed, and they were forced to feed dollar coins into pay-as-you-go washing machines to complete their same-day orders, Mr Dunworth knew this wasn’t going to be his big break. Advertisement “I remember sitting outside the laundromat going, what the hell, what am I doing?” Mr Dunworth said. “Even if we could build a cool app that coordinated superheroes to locations, I didn’t want to start a laundry company.” At the time, online shopping had solidified itself as a daily habit across America, and Mr Dunworth and Mr Giannaros saw an opportunity to develop a one-click checkout product. Snapcard, which would go on to become Wyre, was founded in 2013, and the pair built software that would scoop a user’s purchases across stores like Kmart, Zara and Amazon into one basket. While the customer would just pay once for their various purchases, Snapcard would zoom around the backend paying all the different merchants and clipping 2 per cent of the basket value. Advertisement The idea was novel, and soon they had a fast-growing customer base. “At one point Yanni had the best credit score in North America because we were buying everything on his credit card,” Mr Dunworth said. “He was buying like $100,000 worth of stuff a day and paying it back immediately.” Stepping into crypto At the time bitcoin was emerging as a hot new idea among tech workers, and Mr Dunworth thought of offering the cryptocurrency payments as a novelty. Locking in the price at check-out, Snapcard would receive bitcoin payments through a Coinbase account (the founders were friends and lived up the road in Silicon Valley), convert it into US dollars and then pay the merchants, clipping their usual 2 per cent on the way. Advertisement Again, to the pair’s surprise, the demand took off and Snapcard found itself thrust into the world of banking licences and blockchain-based transactions. It was 2013, and the price of bitcoin had just run hard from $15 to around $1150 and everyone who had some cryptocurrency was more than happy to spend it online shopping. Anticipating the eventual slowdown as the price came off, Mr Dunworth and Mr Giannaros started to build cryptocurrency wallets, and began the laborious process of working out which banking licences they’d need to hold to facilitate crypto movements in the US. It was around this time they pitched to Boost, a bitcoin-focused venture capital accelerator run by Adam Draper, who tipped in $US10,000 in return for 6 per cent of the business. A deal Mr Dunworth now describes as “pretty good for them, right?” But $10,000 didn’t really take them too far, so within 12 months Snapcard needed to raise more money in its first seed round. Advertisement While venture capital flows much more freely now, Mr Dunworth found the process excruciating. He ended up cold emailing 2300 different people, got 600 replies, which led to 100 calls, then 25 meetings which served up two cheques. “It’s so hard to raise money,” Mr Dunworth said. “It’s the hardest process in the world, made even harder that we weren’t Stanford alumni with four years at Uber. It’s impossible to overstate how awful this process is.” Eventually, they banked $US1.5 million, which allowed them to rent an office, though the pair had two mattresses on the ground in a side room where they slept for three years. Snapcard had rolled out its crypto wallets by this point, and Mr Dunworth had dived headlong into the wild west of crypto regulation and know-your-customer requirements. “The hard part isn’t taking money from someone, it’s making sure they’re not fraudulent,” Mr Dunworth said. Advertisement While he was systemically ensuring Snapcard was complying with the stringent banking regulation around financial products, Mr Dunworth and Mr Giannaros decided they didn’t want to build a company like Coinbase, which offered broking and trading. Their API system was born from the notion that companies all around the world wouldn’t want to go through the rigorous compliance steps, rather they could sign up to Snapcard, and plug and play. When bitcoin plunged into a bear market around 2015, the Snapcard team realised they had built strong rails to consistently and safely convert bitcoin into whatever the local currency was. Thanks to the global, instant nature of the blockchain, Snapcard could begin offering cross-border payments for merchants dealing with manufacturers in developing countries like Brazil and China. As it stood, banks would take six days to settle cross-border payments whereas Snapcard could offer same-day settlement. Advertisement “It was great, we just used the bitcoin network to do it instantly, and freed up cashflow for all these merchants,” Mr Dunworth said. “And that industry was not susceptible at all to the volatility in crypto markets.” Snapcard rebranded to Wyre, and Mr Dunworth and Mr Giannaros rode an explosion in growth that saw their technology underpin well-known crypto brands like Metamask and Rarible. Mr Dunworth said Wyre’s success stemmed from spotting and solving the problem that merchants trying to work with cryptocurrencies didn’t want to go through the laborious licensing process just to offer crypto payments within their products. The pair spent years acquiring appropriate banking licenses in various jurisdictions and built a crypto-payment API that gives other start-ups a fully compliant on-ramp, off-ramp payment rails. The business also hitched a ride on the e-commerce and Amazon merchant boom by using bitcoin and blockchain’s instant transfer technology to offer cross-border payments with fast-growing markets like China and Brazil. Advertisement “There’s a lot of right place, right time stuff, but there’s also the hard truth that we built this iron-clad architecture with all the right licenses that, touch wood, hasn’t been hacked to date,” Mr Dunworth said. That growth and the $US90 million that Wyre booked in revenue last year ultimately brought Bolt, and it’s $US1.5 billion acquisition to the table. Mr Dunworth said the decision to sell was not difficult as the start-up had evolved beyond its fast-growing roots and was settling into an establishing business. Add to that, Mr Dunworth was ready to take a step back from the fray and move home to Australia. “By this point I was really running out of steam,” Mr Dunworth said. “My mental health had copped a beating for years, and it was getting to the point where I had this huge imposter syndrome.” Mr Dunworth arrived back in Australia, with plans to stay for two months, but the relief of stepping back from day-to-day running of Wyre washed over him and Mr Giannaros took over the CEO role during the Bolt acquisition. Ioannis (Yanni) Giannaros and Michael Dunworth, from Wyre, have spent the last nine years building crypto payment rails and have been acquired by Bolt for $US1.5bn. Photo taken 2018 “We’re still working out what role I play in the new place Wyre has within Bolt,” Mr Dunworth said. “But it all comes down to Yanni and whether he needs me there. If he does, I’m in. If he’s good to go, I’m going to take a break and play my old video games and try to remember who I actually am.” Jessica Sier writes on technology, internet culture, cryptocurrencies and software from our Sydney newsroom. She has previously covered global capital markets and economics. Connect with Jessica on Twitter . Email Jessica at Save

SnapCard Frequently Asked Questions (FAQ)

  • Where is SnapCard's headquarters?

    SnapCard's headquarters is located at Sampoerna Strategic Square, Jakarta.



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