Former Robocoin CEO: We Understand Fraud
Sporting jeans, a cool white shirt and a smooth-looking coat, once-embattled former Robocoin CEO, and current Romit CEO, Jordan Kelley recently gave a compelling pitch, in which he claims his machines did $150 million (trust us guys!).
In 2014, a post appeared on Reddit claiming owed $25,000. From there, the company quickly disintegrated and individuals who had purchased machines were left to reformulate them. That led to multiple Bitcoin ATM companies, like Lamassu, attempting to salvage the bricks with their own software.
Robocoin, based in Las Vegas, dominated the Bitcoin ATM market in early years. Although Kelley has claimed to be the first Bitcoin ATM on many occasions, the truth is otherwise: A man named Todd Bethel actually posted about the concept and pursued the project, and even had a working prototype, as well.
Kelley’s new firm attempts to tackle the seven trillion payments market.
In a pitch for his new startup, Kelley stated: We’ve got an interesting team. A very interesting one. One that has a fair amount of understanding of the world of fraud.
Read a transcript of Kelley’s pitch below:
Romit is a payment platform that eliminates fraud and chargebacks for the 7 trillion dollar million merchant banking industry
We launched five months ago and have already processed 280,000 transactions. We are doing that at a delightful growth of 52% month over month. We are also earning 400 basis points per transaction in net revenue which is 4x industry average and we have over 3.5 billion worth of volume currently onboarding onto our platform. The merchant banking industry processes more than 7t worth of credit card transactions on an annual basis. These merchant banks acquire their merchants with sales, these sales organizations you’ve heard of two of them at least, Paypal and Stripe, currently command 5% of total market volume. The other 95% are woefully underrepresented, woefully.
They lack high tech which results in high chargebacks and fraud, the good news is that romit has developed an incredibly modern and beautiful payment platform. We solved the biggest problems…the merchants were averaging 1.2% chargebacks, we got that down to to .0079% charge backs on a monthly basis after they onboard on our platform. That’s a big deal. A really big deal.
We’ve got an interesting team. A very interesting one. One that has a fair amount of understanding of the world of fraud. We invented the world’s first ATM we processed over 150$ dollar across 14 currencies in 19 languages without ever one time being compromised in the financial technology industry highest risk category.