How Charlie Westerman Built the $7M Worth Next-generation Digital Wallet Within Six Months
When Charlie Westerman and Nicholas Ahrens met up for coffee after years of not seeing each other, they talked about blockchains and digital wallets. They realised these two technologies and their interconnectivity have so much untapped potential.
Westerman conceptualised the idea of expanding the digital wallet to go beyond a payment tool and allow it to take important and confidential documents digitally. It was at this moment that Personr was born.
"The 100-point identification checks have been around for a very long time and have become standard, but they aren't practical in our digital age," says Westerman. When the 20-year old Personr Managing Director spoke with large enterprises, he was able to confirm that internal verification of employees and documents costs them millions of dollars per year.
Westerman got another confirmation of his app's potential when he released the public pitch deck for Personr to a database of investors. His next-generation digital wallet received $1.25 million worth of interest within the first hour of the pitch. To date, Personr has received $3 million worth of interest at a $7 million valuation.
According to Westerman, companies and businesses he's in contact with are eager for Personr to go live. Several have even mentioned that they can save millions of dollars because of the app. The enthusiasm from these enterprises plays a crucial role in Personr's drastic growth.
Companies can use Personr's web application to instantly manage and add employees for mass verification of documents. The platform isn't just beneficial for businesses. With Personr, consumers can store all the information and personal documents they need. These documents are then legally verified using artificial intelligence, with an accuracy rate of 99.95%. Having the data stored on Personr means consumers can sign up to services and confirm their identities with a single click of a button. Additionally, consumers who want to share their profile with a business can simply send a temporary link to a company, which will be visible for 72 hours.
Westerman is confident that his next-generation digital wallet will pioneer and lead the digital identity management space that technically doesn't yet exist.