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wallet boss micro financeWalletBoss Crowdfunding

Micro Loans for Financial Underserved Families with No Cost, No Fee and No Interest

WalletBoss Details

Project Type: Microfinance through crowd lending

Start Date: 22/06/2017

End Date: 22/12/2017


“WalletBoss is a worldwide peer-to-peer (P2P) micro-loan platform which allows users to lend and borrow money across the globe – interest-free, without commissions and without the mediation of banks or other middlemen.” – WalletBoss

WalletBoss crowdfunding ends....








WalletBoss Project: A New Take on Microfinance

The ICO that isn’t an ICO. As complex as that might sound conceptually, WalletBoss seems to find a way to make it sound coherent. This start-up is launching a crowd-funding effort to establish a micro-finance company. The WalletBoss ICO – or should I say crowd-funding – project, relies on blockchain technology nonetheless, as a tool to track loans and make payments. Nevertheless, it also relies on fiat to make money readily available to borrowers and widen its pool of lenders. The icing on the cake is its psycholinguistics based algorithm to determine the credit rating of people who have no credit history and no access to traditional banking. We interviewed the managing team to understand how all these moving parts come together. This is what they had to say.

WalletBoss Email Interview


Bitcoin Chaser: Many have tried to address microfinancing issues before you. Some have failed and others have had moderate success; none have used blockchain before. Why do you think blockchain technology will help you achieve a greater degree of success?

WalletBoss: In micro-financing, there are three major and most likely open flanks this is Delinquency, Repayment, and Risk.

DELINQUENCY: we will reduce and even avoid delinquency by putting our psycholinguistics based algorithm into use. This will involve building a psychological profile of the borrower. We will then use the profile to identify people who willing to repay debts and those who are not.

REPAYMENT: We hold the belief that impossibility to repay a loan or delay in repaying a loan is not delinquency. Therefore, by allowing P2P interaction between lender and borrower, the lender may help and guide the borrower in many ways including advice on how to raise money. This will eventually bring her/him to repay even if it takes more time than agreed.

RISK: risk will be reduced by lending together with other lenders; a loan is in fact CROWDLENT. 12 crowd lenders lend each one $2 and each of the borrowers get $24. With $50 a lender may lend to 25 different borrowers.

Loan contracts and all history of repayment will be smartly managed through Block Chain. At the end of the repayment, the borrower will have his/her 1st and may be only financial history that may be used in the future as his/her personal financial record to achieve other kinds of loans or even open a bank account and a credit card. The institution that the borrower would like to use in the future would pay us to access the borrower’s history. This will be another source of income for the platform.

WalletBoss Operational Costs

BC: Wallet Boss will not use investor funds to cover operational costs. How then will you be able to pay for your operations?

WB: We developed and integrated an OFFERWALL to share 50% of the income with users. Lenders may earn money for themselves or for lending. Borrowers will have the option to repay loans with profits from the offer wall. We will encourage the borrowers to use the offer wall as much as possible, we think this will be the major source of income big enough to cover all operational costs and receive profits too.

The WalletBoss ICO that isn’t

BC: Your project is more of a crowd-funding project than an ICO because you do not intend to launch your own token at the moment. How will the funds go through to the borrowers and then back to the lenders? Will you use cryptocurrency or fiat or both, and how will you use those tools?

WB: The best angle of looking at this is using fiat on the front end & cryptocurrency operating underneath the system. Barclays & Circle are already doing this with wire transfers from U.K. to the US. So if I go to Barclays to wire $500 to the US, they charge me to convert GBP to US Dollars as well as the wire fee. They then send the value in Bitcoin across instantly & practically free with no FX fees for either. Most customers are unaware of this so they don’t realize how much they would be saving using the Bitcoin themselves. Other options of getting money from lenders to borrowers are creating our own coin to use in the background & adding a side chain on top to use as the smart contracts. This way we will be basically creating value out of nothing which will bring in more income to keep the operations going and developing more ideas as the project grows.

Loans or Donations

BC: Your white paper has references to donations as well as borrowing and lending. How do you reconcile both?

WB: Most of the lenders are middle-class actives and pensioners in US, EU, NZ & AU aged between 40-65 years. This population, in the US only, donates about B$300 a year (after tax!!!) contributing to 71% of the donations. Their only concern is the impact their help and donations can have.

We will focus our efforts on attracting this population to lend through our platform and bring them to the P2P world, and avoid giving or lending money through institutions or field partners. As IMPACT is their focus, our platform will help them to potentiate the impact of their help across the globe.

WalletBoss’ Proprietary Psycholinguistic Algorithm

BC: The psycho-linguistic algorithm you will use to determine credit ratings is quite an interesting development. Can you tell us more about how it works?

WB: We developed a psycholinguistics-based algorithm to help in creating a psychological profile of the borrower and rate the borrower according to his/her willingness to repay debts. The willingness to repay is a state of mind. Willingness to repay the debt may be caused by the ability to actually pay the debt, but that is not the cause. Our algorithm can produce credit ratings in the form of a number. The number will allow the lender to choose who will receive the loan, knowing that the loan is going to families that genuinely intend to repay them.

We are talking about data analytics whose mission is to enable lenders to score people with no financial history through alternative credit scoring. Our Credit Score as a Service for lenders is given in a form of a Mobile SDK interface integrated into our platform as a solution.

We also developed and integrated a digital wallet to carry out transactions. The wallet also creates “financial footprints” of data points. This enables borrowers to improve their credit scoring for more future loan applications.

Our scoring analysis is a hybridized model that captures an unbanked person’s payment history through two channels:

(1) Payments history through the digital wallet.

(2) Conversational UI – this is text replies in a form of a mobile Chabot that gives the lender an indication of applicants “willingness to pay loan”. In our platform, those texts come from our chat interface without needing the permission of other chat apps or without the borrower manipulating the texts.

Value Proposition

BC: Should investors consider the value of their investment in terms of this algorithm, or should they be looking for other value propositions within the project?

WB: There are already P2P platform for loans, Offer Wall alone will never have High success as we are talking of very few dollars that nobody would be interested in managing it through PayPal. A digital wallet is not news anymore and online payments in fact exist since the creation of the credit card despite the people think is a new thing.

Therefore, we think that the balance between all existing interfaces makes our platform very attractive to the people. By adding an algorithm for risk management it makes it a unique solution for millions of people that manages B$300 a year.  It is in the case of WhatsApp. WhatsApp was sold for B$19. This company has no income and 55 employees. The data that WhatsApp manages is its value.

WalletBoss Ownership

BC: How will the ownership of the WalletBoss platform work? Will it be structured as a Decentralized Autonomous Organization or will it have the structure of a classical non-profit organization?

WB: This issue is still under discussions. We canalized 100% of our effort in building the platform and developing and testing the features of our SDK. I think that together with investors we can learn much more about the future structure of the ownership. An investor coming from NPO would have a different view than an investor coming from a financial institution or another coming from the blockchain world and crypto coin world.

Borrowers and Lenders on the Platform

BC: Will there be limits on the number of borrowers and lenders that the platform will support, or will the platform basically become a marketplace for borrowers and lenders vetted by Wallet Boss mechanisms?

WB: It is, in fact, a marketplace for borrowers and lenders, 100%.

The Advantage of Smart Money Microlending

BC: In the world of investment, there are those who like to talk about the concept of “smart money”, i.e. investors who also bring experience and knowledge to the endeavor. Will you be looking for something like that for the borrowers? Have you thought about developing a business coaching platform or something similar for the borrowers?

WB: Of course! Lenders like pointed out before, like to MEASURE THE IMPACT OF their HELP. Lenders want to understand what the loan is going to be used for before giving the funding. They also like to follow up after the borrower releases it. WalletBoss will automatically create a group for every loan and borrowers could keep P2P chat communication too.

We will encourage lenders to ask for reports & pictures from the borrower before issuing the loan. Advice, guidance & support given to borrowers would strongly potentiate the impact of the loans. Most of the borrowers never had a teacher, so we will encourage lenders to Adopt, coach & orient the borrowers especially on money management

Presenting a Project to Raise Funds on the Platform

BC: How will the borrowers present their projects? What are the parameters for the presentation?

WB: Applicant will fill a form with several personal information details they also provide;

  • ID copy
  • Biometric identification (face and voice). For that we will integrate a biometric SDK to our platform for identification and prevention of double identity under different names and phone numbers
  • Personal Data such address and familiar status
  • Free text with the personal history
  • Free text explaining how the loan will be used
  • Amount they want to borrow (1st $24, 2nd $48 and so on)
  • Repayment option (50 weeks of $0.48 for $24 loan)

OPTIONAL: 1 or more references (users of WalletBoss in the applicant’s contact list)

When 12 lenders complete the loan, borrowers must be identified again through the biometric interface (face and voice) to release it. If the biometric does not match, money is not released.

The Future of WalletBoss

BC: How do you see WalletBoss’ progress over the next 2 to 3 years?

WB: We see WalletBoss giving 1 million loans a month with a much bigger offer of rewarded task to help borrowers to repay loans. We see Banks pointing to us to receive financial information of our users for loans, bank account opening & credit card issuing.


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