Mobile P2P Payments for College Students (Not PoS)
Sunnyvale, California, United States United States
  • Overview
  • Team
  • Activities
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Company description

Nooch Logo

No Wallet? No Problem!

  • Ever get to the front of the line for a bar, reach for a $10 bill and realize you forgot your wallet? 
  • Ever had a mooching friend beg you to let them borrow "just 10 bucks" when they forgot their cash?
  • Ever had to find an ATM in the middle of the night... AND pay the $4 ATM fee?

Sick of the high fees and inconvenience of PayPal, Western Union, and the Big Banks?

Then Nooch is for you.


Nooch is a revolutionary Peer-to-Peer money transfer system that is the simplest, quickest and easiest way to send money to friends!

Nooch Mobile Payments


Mobile Payments for College Students - Generation-M

Nooch is needed all the time on college campuses.  20 Million US college students live with their friends, eat with their frat-mates and attend events/parties together.  Every day there are cash-only situations where Nooch would save time, money and stress.  

Moocher McGeeThis is not a "split-the-bill" app... Nooch is for anyone  who needs cash immediately but doesn't have any.  Paying back bets, buying a roommates sofa, fantasy  sports, bar tabs, and IOU's are all perfect situations for  Nooch!

Our technology and interface include features that were not possible even 5 years ago.  Mobile computing power, social networks and Gen-M have created a perfect storm of demand for more efficient mobile commerce solutions.

Since recipients don't need an account to receive money, Nooch is viral! Senders just need their recipient's name.  That's it.

Awards and Mentions
  • 9338_297
    Nooch was honored to be selected as a Finalist in the prestigious Vator Splash competition in San Francisco. Beating out nearly 175 other great start-ups, Nooch was chosen by a panel of accomplished Silicon Valley judges to present to the Vator community in September, 2011. A fantastic event with incredible people, innovative companies and great exposure!
  • 9338_231
    Nooch won the 1st place (Judge's Award) in the 2011 Fuqua School of Business (Duke University) Elevator Pitch, part of the Startup Challenge. The $5,000 grant/prize was the first "outside" money and inspired the team to turn Nooch into a reality..
  • Business model

    Digital Cash Nooch

    Transfer Fees

    Nooch will first make money through the only fee we charge: a flat transfer fee under $0.50 (paid by the sender).  There is no fee to sign up, transfer money into/out of a Nooch account, or for any other feature. When one client transacts a P2P transfer to another Nooch client, the total reserve of funds under Nooch control is unchanged because every P2P transaction is a book to book transfer where no external institutions are involved. Therefore these funds stay within Nooch’s total reserve and the transfer is instantaneous.

    Person-to-Group (P2G) & Event Surcharge (Six months after launch)

    Soon, Nooch will launch a group/event platform allowing formal and informal events, concerts, parties and more to be organized and paid for through the Nooch mobile app.  Think the event management of combined with the convenient group features of BlackBerry Messenger.  This feature can scale to serve small merchants in a Point-of-Sale environment as well, especially those built around college campuses.  Nooch will charge event hosts a small (~1%) fee per transfer received.

    Marketing Data  (12-18 months after launch)

    Finally, Nooch will generate a trove of marketing data, including location-based spending habits. This will give Nooch a strong ability to micro-target users with coupons, offers and more directly to a user when it is most relevant.

    Competitive advantage

    Nooch Value Prop

    • Simpler user experience:   Using the power and ubiquity of existing social networks, Nooch is the simplest product available. You just need your recipient's name - no need to know their e-mail address, cell number, SSN, account information, birth date, or anything else.  Whether you need to pay back a friend for dinner, settle a bet or just send a relative birthday money, Nooch will target the everyday usage of cash.  Our system must be so simple that anyone old enough to have a credit card will be able to easily Nooch their friends


    • Nooch P2PAvoiding Merchants, P2P Focus:  Nooch brings a consumer­-based solution to the problem of not having cash when it is needed for informal transactions.  PayPal is okay for buying things quickly online, but it is expensive and not designed for on-to-go transfers.  Nooch eliminates merchandise from the equation, allowing for a low flat fee.   Avoid ATM fees and the hidden credit cards fees. Other products like PayPal, Serve, Dwolla, and more are great at solving various point-of-sale problems; but their model assumes merchants are willing to invest in the hardware and software necessary to change what they already use. Nooch's strategy focuses on user acquisition and a great P2P service, ultimately making Nooch more viable to small merchants when they eventually begin taking advantage of mobile payments technology.  (Learn more on our site)

    • Money PhoneTarget Niche: Generation-M consists of young people aged 18-29 who have grown up with social networks, modern cellphones and the expectations of "cheap and fast" - need cash for everyday situations. And there is a glaring unmet need within Generation-M.  Paying rent, fantasy sports, fraternity dues, club covers, IOUs, dinners and more can all be simplified and streamlined with the Nooch Money Transfer Platform.  By catering to US college students, Nooch will connect with the demographic most like to use a mobile payment system as Generation-M begins to develop loyalties in this space.


    • Low, Flat Fee: By eliminating merchandise and keeping overhead minimal, Nooch is able to avoid the risky transactions that lead to fraud in the Point-of-Sale environment.  Nooch does not cost a penny to sign up; there is no minimum balance requirement; there are no funding/withdrawal fees or any other sneaky fees.  Instead, Nooch users pay less than $0.50 to send each transaction.  Since each Nooch-to-Nooch transaction costs effectively nothing, Nooch can maintain a viable balance sheet with this plan.


    • Nooch SecurityReliable Security: Nooch has emphasized security from Day 1. Nooch takes advantage of brand-new smartphone technology, like geolocation and device-linked accounts to complement the traditional bevy of fraud detection/prevention processes.  By embracing the mobile element, Nooch can deliver greater risk mitigation through a proprietary security solution.  Learn more about Nooch's efforts to protect users' personal data on our site.