Is Numo the Deel of Offshore Banking?

In partnership with

International Payments are complicated and frustratingly expensive. Banks gobble up fees and percentage points. For startups and companies hiring offshore talent, this is not fun. For offshore freelancers its’s a serious barrier and financial nightmare.

In this Wolfcast, you will learn about the Y Combinator startup trying to solve this: Numo (W24). You will learn:

• Numo’s mission and services for international contractors.

• Key features of Numo's banking solutions.

• Background of the founding team.

• Recent achievements and expansion plans.

Numo: The Offshore Bank for International Contractors

Overview:

- Name: Numo

- Tagline: The offshore bank for international contractors

- Y Combinator Batch: W24

- Status: Active

- Industry: Fintech, Payments, Compliance, Emerging Markets, Neobank

- Location: San Francisco, CA

- Website: [numohq.com](https://numohq.com)

Free SOC 2 Compliance Checklist from Vanta

Are you building a business? Achieving SOC 2 compliance can help you win bigger deals, enter new markets, and deepen trust with your customers — but it can also cost you real time and money.

Vanta automates up to 90% of the work for SOC 2 (along with other in-demand frameworks like ISO 27001, HIPAA, and GDPR), getting you audit-ready in weeks instead of months and saving you up to 85% of associated costs.

Download the free checklist to learn more about the SOC 2 compliance process and the road ahead

Company Description:

Numo is designed to be the global bank for the new generation of highly ambitious digital workers across Asia, Africa, LATAM, and beyond.

These contractors, in the 95th percentile of earners in their countries, face unstable and fragmented financial infrastructure. Numo offers these contractors a US bank account and low-cost payment rails, enabling them to hold funds in USD until they need to spend them locally. This approach helps international contractors manage their finances more efficiently and avoid the pitfalls of local currency depreciation.

Founder Profiles

Derrick Wolbert (CEO)

Derrick Wolbert is the CEO of Numo, focusing on building financial solutions for international contractors. He previously scaled Hologram.com from zero to $20M ARR and closed a $65M Series B. Before Hologram, Derrick developed the embedded car computing platform used in Waymo vehicles.

LinkedIn

Reuben Balik (CTO)

Reuben Balik is the CTO and co-founder of Numo, specializing in complex telecom integrations. He was the first engineer at Hologram.com, where he led enterprise telecom integrations, building a unified SIM card platform.

LinkedIn

Q Carlson (CPO)

Q Carlson, CPO and co-founder of Numo, is an experienced designer with a background at Flexport and Quizlet. He served as VP of Design at Hologram and project44, using design to enhance product differentiation and growth.

LinkedIn

Key Features:

- US Bank Accounts for Contractors: Enables international contractors to hold their earnings in USD.

- Instant, Low-Cost Payment Transfers: Provides fast and affordable transfers to local bank accounts.

- Verified Profiles: Ensures trust and professionalism by verifying and credentialing contractors.

- Seamless Invoicing: Allows contractors to send invoices paired with their verified profiles to American clients who can pay via ACH to a US bank account.

- Immediate Fund Access: Allows contractors to transfer funds to their local accounts within 20 seconds without excessive fees.

Founding Team:

- Derrick Wolbert (CEO): Previously built Hologram.com from zero to $20M ARR and closed a $65M Series B as head of revenue. Formerly worked on the embedded car computing platform used in Waymo vehicles.

- Reuben Balik (CTO): First engineer at Hologram.com, led complex enterprise telecom integrations.

- Q Carlson (CPO): Early designer at Flexport, VP Design at Hologram & project44.

Recent News:

- Cross-border fintech stands out in Y Combinator’s Winter 2024 cohort | TechCrunch (Apr 05, 2024)

- YC’s Winter 2024 Demo Day confirms that we are indeed in an AI bubble | TechCrunch (Apr 03, 2024)

Company Launch:

Numo launched recently with 105 contractors already live and onboarded, sending their first invoices through the platform. The company aims to alleviate the challenges international contractors face, such as expensive fees, slow transfer times, and complex tax and compliance rules. By offering a stable financial infrastructure, Numo helps contractors get paid like locals while banking globally.

Call to Action:

If your business uses international contractors, encourage them to invoice you using Numo. The service is currently live in Nigeria, with plans to expand to Kenya, South Africa, Vietnam, Thailand, Malaysia, and the Philippines soon.

Contact Information:

- Derrick Wolbert (CEO): [email protected]

- Q Carlson (CPO): [email protected]

- Reuben Balik (CTO): [email protected]