Hurupay

In the last 6 months, Hurupay has:

• Grown transaction volume 4×, compounding at 32% month-over-month growth rate
• Scaled from roughly $1.8M/month to $7.2M/month in processed volume
• Onboarded multiple high-volume U.S. business customers running recurring payroll

In the last 12 months, Hurupay has:

• Processed $36M+ in total transaction volume
• Generated $500K+ in revenue
• Grown to 30,000+ users across Asia, Africa, Europe, and the U.S.
• Signed 15 high-volume business customers paying global teams
• Secured backing from Founders Inc and angels from Microsoft and Bankless
• Partnered with a top U.S. bank, Coins.ph, Circle Alliance, and major blockchain ecosystems (Base, Solana, Stellar)

Project Purpose and Background

Foreign exchange is a $6.5T/day market, yet it remains opaque, fragmented, and slow — especially where money actually changes hands.

Stablecoins revealed a simple truth:

It’s cheaper to mint global digital dollars than to move fiat across borders.

But most onchain FX today happens between wallets, not where people get paid or use money.

Hurupay focuses on the last mile of onchain FX - where stablecoins stop being tokens and become usable money. FX doesn’t happen in isolation; it happens because someone is running payroll, receiving wages, spending, or cashing out. Hurupay embeds stablecoin settlement and FX directly into these workflows, abstracting crypto complexity behind familiar banking experiences.

By enabling 24/7, instant swaps between USD and non-USD stablecoins inside payroll and payments, Hurupay turns FX into software that is programmable, transparent, and global by default.

Wise and Revolut built strong FX products, but they required years of country-by-country licensing and still can’t serve much of the world.

Hurupay is global from day one - because it operates at the last mile where stablecoins become money.

Team and Key Contributors

Philip Mburu - Co-Founder & CEO

LinkedIn: https://www.linkedin.com/in/philip-mburu-3436991a2/
X: https://x.com/philip_hurupay

Philip leads Hurupay's strategy, product direction, partnerships, and fundraising. With over 7 years in crypto—including work with Celo and Ethereum—he built deep expertise in emerging-market financial infrastructure. Before Hurupay had a product, he manually operated cross-border payment flows, stitching together banks, exchanges, and local rails to move real money. This hands-on experience with settlement delays, FX friction, and compliance constraints directly shaped Hurupay's distribution-led model.

Allan Okoth - Co-Founder & CTO

LinkedIn: https://www.linkedin.com/in/allanokothdev/
X: https://x.com/allanokothdev/status/1996863271450660978

Allan leads Hurupay's engineering and technical architecture, bringing over 9 years of experience in blockchain and software development. Previously the Lead Engineer and Instructor at Africa Blockchain Institute, he now builds and maintains Hurupay's core systems—account infrastructure, payment orchestration, stablecoin settlement, FX flows, and internal tooling.

James Mugambi - Co-Founder & COO

LinkedIn: https://www.linkedin.com/in/jamesmugambi/
X: https://x.com/JamesHurupay

James oversees operations, partnerships, and execution across markets with over 8 years of experience scaling products and supporting startups. Previously at Pangea Accelerator, he helped portfolio companies scale internationally and collectively raise over $50M in venture capital. At Hurupay, he leads customer onboarding, operational execution across payment corridors, and business workflows supporting global payroll at scale.

Maxwel Ochieng - Founding Engineer

LinkedIn: https://www.linkedin.com/in/maxwelochieng/

Maxwel is a founding engineer with over 7 years of experience building software and blockchain-based products. He contributes across Hurupay's core product stack, with expertise spanning USDC integration, smart contracts, banking APIs, backend systems, security and compliance infrastructure, and multi-cloud architecture.

Collins Wanga - Compliance Lead

LinkedIn: https://www.linkedin.com/in/collins-wanga-318590220/

Collins leads compliance at Hurupay and is a Certified Compliance Officer accredited by the International Compliance Association. He oversees KYC/AML frameworks, regulatory coordination, and internal compliance processes—ensuring Hurupay meets regulatory requirements while maintaining fast onboarding and a smooth user experience.

Total team size: 9

Revenue Model and Financial Profile

Hurupay earns revenue from real usage on both sides of the network.

• Consumers: Fees on USD/EUR deposits, generally in the ~0.5–2% range, depending on the payment rail. Withdrawals are typically free.

• Businesses: Fees on deposits, payroll funding, and FX when paying global teams, usually within a ~0.5–2% range based on volume and corridor.

As Hurupay scales, additional revenue comes from card interchange, on-chain FX swaps, premium banking features, tokenized assets, and yield sharing.

Platform Performance: https://analytics.hurupay.com/public/dashboard/79a713b2-1cb8-4924-9c40-752e76d8b02a

Internal and External Contributions/Payments

Grants:
2023 & 2024:
Celo via Prezenti Grants: $45k

2025:
Base: 4 ETH
Circle: $10k
Stellar: $82k

Institutional investments:
Founders Inc.: $150k https://f.inc/portfolio/hurupay/

Angels:
Dawson Botsford (former CTO at Bankless): $20K
Tiffany Johnson (PM at Microsoft): $10k

Technical Repositories and Official Channels

• @hurupayapp
• GitHub
• Linkedin
• Instagram
• Website
• Support
• Blog
• FAQ

Existing Assets

• Domain: hurupay.com
• Github: https://github.com/Hurupay
• Linkedin: https://www.linkedin.com/company/hurupay/
• Instagram: https://www.instagram.com/hurupayapp/
• X Account: @hurupayapp
• Logo / Branding

Fundraise Goals

Raising a minimum of $3M but ideally $5M+ on MetaDAO to accelerate our growth. Here’s how we plan to use that money:

• Scale distribution and sales while doubling down on what’s already working (UGC marketing, influencer, and paid ads)
• Expand our sales and customer success team to onboard more U.S. and global businesses running recurring payroll. This channel already drives a majority of our volume and brings hundreds of workers per customer.
• Scale referral programs that reward workers for bringing teammates and employers onto Hurupay, reinforcing our existing payroll-driven flywheel.
• Run narrowly scoped paid campaigns in markets and corridors where we already see strong conversion and retention.

In parallel, capital will support the infrastructure required to sustain growth:

• Compliance and licensing: Progress U.S. Money Transmitter License (MTL) coverage and EU VASP registration to unlock new corridors and reduce dependency.
• Liquidity and FX depth: Allocate capital to support faster settlement, better FX pricing, and higher throughput as volumes increase.
• Product expansion: Ship and scale virtual and physical cards, on-chain FX, and additional banking features used by both workers and businesses.
• Security and reliability: Ongoing audits, monitoring, and operational hardening to support higher volumes and institutional customers.

Team Compensation and Project Spending

$250k is the monthly spending allowance.

10,931,250.00 (42.66%) on a 3-year lockup is the total amount of tokens allocated to the team.

Token Supply Breakdown

• 10,000,000.00 (39.02%) to ICO
• 2,900,000.00 (11.31%) to liquidity
• 10,931,250.00 (42.66%) to team on a 3-year lockup
• 1,793,750.00 (7%) to previous investors on a 2-year vest

Relevant Contracts, Addresses, and Documents

Token Address: HURUsdbnMfQSi6khLigf5As8wh2CGNnS2fxHDDXCmeta

Platform Performance: https://analytics.hurupay.com/public/dashboard/79a713b2-1cb8-4924-9c40-752e76d8b02a

DAO Configuration:

• Team Sponsored Pass Threshold -300bps
• Team Sponsored Stake Requirement 0 HURU
• Pass Threshold 300bps
• Stake Requirement 1.5M HURU
• Proposal Duration 3 days

Cayman SPC Agreement: Formation Summary

Project Specific Risks

Technical Risks

• Hurupay relies on a combination of on-chain components (stablecoin settlement, FX logic) and off-chain systems (banking partners, payment orchestration).

• Smart contract bugs, blockchain network outages, or third-party integration failures could temporarily disrupt service.

• Mitigation: Limited on-chain surface area, use of established stablecoins, controlled deployments, monitoring, and incremental rollouts of new features.

Economic & Liquidity Risks

• FX liquidity constraints, corridor imbalances, or stablecoin depegging events (though rare) could impact pricing or settlement.

• Revenue concentration among large payroll customers may increase short-term exposure.

• Mitigation: Conservative liquidity management, diversified corridors, recurring payroll-driven volume, and a NAV-based bid wall to reduce downside risk during early price discovery.

Operational & Regulatory Risks

• Hurupay operates in regulated environments across multiple jurisdictions; regulatory changes or licensing delays could affect expansion.

• Dependence on banking and payments partners introduces counterparty risk.

• Mitigation: Dedicated compliance leadership, ongoing regulatory engagement, existing banking relationships, and phased jurisdictional expansion.

Governance & Treasury Risks

• Misallocation of treasury funds or excessive spending could negatively impact long-term sustainability.

• Mitigation: MetaDAO treasury governance, transparent reporting, spending discipline, and NAV-backed bid wall mechanics that prioritize downside protection over aggressive capital deployment.

Execution Risk

• Scaling global payments infrastructure requires operational reliability and careful sequencing.

• Mitigation: Execution-first culture, proven traction with live users and revenue, and prioritization of stability over rapid expansion.