Offline travel app Maps.me raises $50M in funding round and plans to add DeFi multicurrency wallet

posted about 1 month ago
An offline mobile map for travelers has raised $50 million in a funding round led by Alameda Research. The fresh capital will go toward the launch of a multi-currency wallet on Maps.me and enable a decentralized finance (DeFi) ecosystem on the platform. The Maps.me wallet is expected to “unlock DeFi tools” for its 140 million users by allowing them to access a range of payment and investment tools.

The move intends to remove intermediaries and banks from the financing-of-travel equation by enabling users to store value and earn yields of up to 8%. Users will also be able to send and spend money in multiple currencies for cross-border travel, offer cashback on transactions and exchange funds without hidden costs, per the statement.
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