Mobile payments are so 2016. What if you could leave your wallet and phone at home, and pay for everything with just your finger?
Meet Yombu. The convenient, fast, secure payments platform that allows you to pay for everyday items with your fingerprint. Payment is easy. Just scan your fingerprint, enter your PIN number, and be on your way.
We sat down with Joe Falit, co-founder and CEO at Yombu to talk about his background, his experience at MakeOffices Tysons, and exciting new developments at the company.
Tell us about yourself.
Joe: I was interested in nonprofit development, and worked in Africa right after college. I came back and got my Master’s degree in Public Policy. I worked as an Analyst at JP Morgan, and then at Citibank, where I became a Senior Vice President of Retail Banking.
What was the spark to start Yombu?
Joe: I went to the gym one day, and didn’t have my wallet with me. I wanted to buy a shake, but couldn’t pay, which sparked the idea of Yombu.
Yombu is an integrated POS (point-of-sale) payments and loyalty platform that lets you make a purchase and earn rewards with your fingerprint. No cash, cards, or phones necessary.
Who is your target customer?
Joe: We sell to merchants in three markets. The first is quick serve, think fast-casual restaurants with payments linked to rewards. The second is self-serve and grab-and-go locations, places like coworking spaces and employer facilities. The third market is membership businesses like gyms or zoos. Members can check in and pay around the park/gym with their fingerprint.
What has been the biggest hurdle so far
Joe: Scaling and investment. Trying to find people who will write you checks, and bigger checks, is tough, especially outside traditional startup communities like Silicon Valley and New York. Scaling, and finding quality leads that result in faster sales has been challenging. Gaining people’s mindshare, and transitioning from a traditional payment method to the fingerprint, has also been an obstacle we’re working to overcome.
What inspired the move to MakeOffices?
Joe: Before joining MakeOffies Tysons, I was working remotely with our CTO, other co-founders, and advisors. We would go to coffee shops for meetings, but it was loud, and not a great environment to meet investors.
Our first clients were in the Tysons area, and other merchants who were interested were nearby. We wanted to be in Tysons to be near our customers.
Why did you choose MakeOffices?
Joe: The price for the space and the location. We wanted to fit four people comfortably in an office, and felt on top of each other at the other coworking spaces in Tysons that did not offer the same square footage given the price.
What do you like most about being a MakeOffices Tysons member?
Joe: I like being in a space with other entrepreneurs going through the same things you’re going through. It’s great to get coffee and hear about their experiences. There is a blend between work and social life, which makes it a lot easier to go into the office. Free breakfast goes a long way too!
The place is a hub, and we feel more like a professional company.
Do you have a morning routine?
Joe: No. I usually get up an hour before my first meeting.
What’s on your playlist right now?
What’s next for Yombu?
Joe: We’re still focused on building our business in the DMV. We are quickly ramping up users who are paying by fingerprint to 10,000 by the end of the year. We’re also trying to improve our product through better functionality and faster payments processing.