Project Spotlight — Eumlet

Published in

Terra

5 min readMar 1, 2023

In this edition of Terra’s Project Spotlight, we are eager to present Eumlet — a revolutionary Next-Gen Payments Platform.

🤫 Pssst.. the app is live now at app.eumlet.com

Eumlet is a business payments operating system designed for Web3. The platform offers businesses a range of tools to digitise payment processing, manage their accounts, and obtain valuable insights from their data efficiently and securely. Eumlet is committed to creating opportunities for businesses to benefit from the switch to Web3. The user-centric platform is feature-rich and designed to meet users where they are in their adoption journey. With the Fiat to Web3 Bridge, businesses can easily and securely convert traditional currencies to cryptocurrencies natively with no intermediaries — a first in architecture to directly connect traditional banking systems to Web3.

How it All Began

Eumlet began its journey in 2021 with the goal of empowering underserved SMEs to build a more sustainable and resilient future. Ultimately, Eumlet strives to accelerate Web3 adoption and win the fourth industrial revolution of digital cash through stablecoins.

The Eumlet team has a combined 75+ years of experience in the technology and finance industries, building and scaling some of the largest systems for major financial institutions and hailing from tech-pedigree companies such as Microsoft, Google, and AWS.

Eumlet took a build-first approach and launched their alpha on Terra mainnet in early 2022. Since then, Eumlet has been continuously evolving, allowing businesses to onboard by native integration of their bank accounts in seconds. Businesses are then enabled to pay, manage, and sell using one of the most innovative user experiences, making the switch from Web2 to Web3 smooth and seamless — all while being fully decentralised. Eumlet also pushed the boundaries of digital payroll, allowing workers to enjoy cash salary advances or ‘earned wage access’.

Target Users

A staggering 90% of global businesses are SMEs, yet they lack access to financial digital payment processing capabilities. Existing payment systems are not designed to interact with digital services, further fragmenting the SME experience. What SMEs need are borderless banking capabilities that can help enable global growth and connect to existing digital services and serve their processing needs.

There are millions of SMEs aspiring to digitalisation with an already growing number of digital SMEs. Eumlet will empower these businesses and workforces to onboard, sell, manage, and pay digitally — allowing them to thrive.

Product Strategy

The vision behind Eumlet is to create a business payments operating system on Web3 by crafting seamless user experiences — leveraging the benefits of blockchain technology to facilitate faster business payment operations and empowering users to do more with their capital.

What Eumlet Offers:

💨 Fast and Easy Onboarding: A native architecture to directly connect traditional banking systems to Web3, enabling disintermediated fiat transfers in and out of crypto directly from your bank account in less than 5 seconds.
💲 Cost-Efficient: A ‘fixed fee’ for on and offboarding between bank accounts and Web3.
📈 Designed for Adoption: A simplified experience — single sign-on, email-driven payment workflows, 2-click payments, and a suite of payee management features.
🛟 Safe and Secure: Decentralised, non-custodial wallets without the management overhead.
👩‍💻 Built for Developers: Integrate a business, app, or website to onboard, pay, manage finances, or sell.

Use Cases

Eumlet is a mature product with extensive use cases, which makes it a highly scalable opportunity across the world.

Sell anywhere, to anyone: Simplified selling through QR codes and payment links.

Cross-border payments: SMEs can make and receive payments internationally. Manage payments to suppliers instantly and securely by leveraging smart contracts and DAOs.

Digital payroll: SMEs can manage payroll, workers, and rates and make real-time payments.

Earned wage access: Workers can access earned wages in real-time at a click of a button.

Freelance workers: Freelancers, workers, and startups are able to receive time-based payments based on milestones or on statements of work.
Invoice management: SMEs can easily send, manage, and pay invoices, reducing time and costs.

Recurring, batch, and subscription payments: SMEs can manage recurring payments (i.e. subscriptions) or automate manual payments into predictable one-click transfers using digital currencies.

Automated authorisation workflow: Assign a member to authorise transactions above a certain limit.

How to Onboard

Eumlet does away with the complexities of onboarding into Web3 with existing methods. Users are greeted with a native feel, allowing them to seamlessly integrate into Web3 using USD, EUR, GBP, and AED, with more currencies coming soon.

To demonstrate just how easy it is, here’s the onboarding flow: