Former Revolut exec raises $2.3M to develop Bleap app

Former Revolut executives Joao Alves and Guilherme Gomes have raised $2.3 million in pre-seed funding to launch blockchain-based banking app Bleap.

By combining blockchain technology with banking services, Bleap aims to provide users with a self-custody financial tool that allows for seamless spending, saving and transfer of stablecoins.

The financing, led by Joe Lubin’s Ethereal Ventures, values ​​Bleap at $10 million.

What is Bleap?

Bleap is a blockchain-enabled financial application that functions as a self-custody “bank account” and is registered as a Virtual Asset Service Provider (VASP) in Poland in compliance with EU Crypto-Asset Market (MiCA) regulations.

It enables users to hold, spend and save stablecoins such as $USDC and $USDT via Mastercard-linked debit cards. The app eliminates the need for traditional conversion fees and offers additional features like cashback and multi-currency account management.

It also supports international transfers and integrates with DeFi protocols to provide competitive savings rates.

How does it work?

Bleap is built on Arbitrum, an Ethereum layer 2 network that facilitates fast, gas-free transactions. The user creates a Bleap account, which uses ERC-4337 account abstraction to deploy a smart wallet. The wallet supports stablecoins such as $USDC, $USDT, $USDA, and $EURA.

The app uses multi-party computation (MPC) technology to enable secure wallet management. The wallet key is not a traditional mnemonic, but is encrypted and backed up in the cloud. If users lose access, they can recover their accounts through two-step authentication and secure, encrypted backups.

When it comes to payments, Bleap integrates with Mastercard, allowing users to spend stablecoins directly. Transactions are verified on-chain in real time, and stablecoins are converted into legal currency for settlement without the need for pre-conversion, saving users exchange fees.

The startup is currently in beta testing with select users in Europe and plans a wider public launch in early 2025.