How Mosea Raised $2.5M to Take on Interac E-Transfer

Hey Cashflowers,

From a college project designed to make bill-splitting easier among roommates…

To raising $2.5 million in pre-seed funding and aiming to take down a Canadian payments giant.

This is the story of Mosea, a Fintech startup that’s capturing hearts, minds, and most importantly, wallets.



A University Genesis

The story of Mosea began in the halls of a Canadian university where co-founders Colin Lee, Luke de Haas, and Aidan Tighe were roommates. The challenge of splitting bills for groceries, utilities, and the occasional night out prompted them to question if there was a better way to manage group expenses.

Enter Mosea. Initially conceived as a tool to assist university students with these everyday hassles, the app quickly gained popularity among the student body, catching the founders’ attention and urging them to think bigger.

Raising the First Dollar

Coming from modest backgrounds and with an ambitious idea in hand, the founders knew they needed capital to expand. Mosea managed to secure an initial $100,000 grant from a university startup competition, which provided the first building block.

The founders then pulled off a successful $2.5 million pre-seed funding round, backed by venture capitalists and a strategic partnership with the Royal Bank of Canada (RBC). This capital injection is fueling Mosea’s ambitious plans to scale across Canada and tackle a market long dominated by Interac E-Transfer.

Pricing Strategy

The pricing strategy behind Mosea is centered around value creation. Given that their primary target is the group market—specifically friends and roommates—the app is designed to be free for end-users. Partnering with RBC allows Mosea to instantly connect to users’ bank accounts, offering an invaluable service at no extra charge.

The future monetization plan is to introduce a freemium model, offering advanced features and financial products for a fee, while retaining a free base option for casual users.

Winning The First Users

To answer the question of how Mosea got its first sale or customer, one needs to look no further than the founders’ own university. Their first users were actually their friends and classmates.

Word of mouth spread quickly, and soon enough, Mosea became a household name on campus. Coupled with a slick, user-friendly interface that allowed the creation of payment groups, the app saw organic growth through peer recommendation.

The Golden Ticket for Customer Acquisition

With a unique value proposition focusing on group payments, a market segment often overlooked by giants like Interac, Mosea’s golden ticket has been strategic partnerships and grassroots marketing.

The Royal Bank of Canada partnership provided not just capital but also a stamp of legitimacy, encouraging users to trust Mosea for their financial transactions. Meanwhile, campus ambassadors and a heavy focus on social media marketing have helped them tap into the all-important millennial and Gen-Z market.

Bridging the Gap in Canadian Payments

The founders believe that Canada’s payments landscape lags behind its global counterparts like the U.S., where apps like Venmo and CashApp are ubiquitous. Mosea’s mission is to fill that gap, providing a social, fast, and reliable money-transfer experience.


What’s Next?

With its recent funding, Mosea aims to transform the Canadian payments landscape radically. And while the founders are tight-lipped about their future plans, they are clear on one thing: Mosea is just getting started.

The Takeaway

Mosea’s journey is a lesson in identifying underserved markets, the importance of strategic partnerships, and the incredible potential of grassroots customer acquisition.

And if there’s one thing you can bank on, it’s that Mosea is set to redefine the Canadian fintech landscape.

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Until next Friday,
Cashflow Chronicles Team

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