Machnet annual review (2021) and beyond

6 mins
January 5, 2022

Machnet Technologies Inc.

developer - first API solution

As we say goodbye to 2021, we would like to give you some updates on how we are doing here at Machnet.

2021 has been an incredible year for Machnet. Nothing but immense gratitude towards our customers, partners, investors, and most importantly our team.

Machnet co-founders are the first-time founders and 90% of the time everyone feels lost and these ups and downs are gut-wrenching. Being an entrepreneur for the first time is very painful.

While going through this pain and much demanding day-to-day operation, sometimes it’s really easy that we lose track of time and the big picture.

Shamir Karkel, CEO of Sila Money once said to us, don’t look at the growth of a company — on day to day basis, but quarter over quarter, and year over year; you will then truly see the real joy of building. This resonates when we look back and reflect on 2021.

We wanted to take this opportunity to reflect on 2021, our accomplishments, and what’s next for us while we wind down for the holiday season.

Product Update!

Our vision from Day 1 has always been on Increasing access to global financial infrastructure at scale for everyone. That includes our carefully curated products, platforms, and partners in all core domains we serve. And we believe in providing that solution in a super simple, secure, scalable, and easy-to-consume developer-first API solution for our clients to go live in as little as 4 weeks. And that vision is still intact and we are getting closer with each new client sign-up and each new API call on our system.

We had really good traction in 2021 with several signed customers for our existing and new services. With each sign-up we are learning more and more from our customers on what value Machnet provides in the Fintech space. We are asking questions to learn more about our customers’ journeys, experiences, and opportunities. And we want to double down on these efforts so we are completely aligned on what we are building to support what our customers need.

One other focus area in 2022 will be product iteration. As we build and ship and learn more from our customers, we want to bring that learning to our existing products to make them even better and easier for our customers to consume. As we keep on adding new products and services to our platform and make it a truly complex system, we will work equally hard to keep the solutions simple or even simpler to use. We will always be a customer-centric company.

We are shipping products weekly to cater to serve our broader customer needs. Here are some new product updates for 2021 :

  • Global Bill payment
  • Profile edit by admin
  • Support promotional features (bonus amount)
  • Canada origination
  • 100% API (KYC using API)
  • Apaylo automation for Canada origination
  • Support oAuth for bank add
  • Brand new API docs in Gitbook
  • New v3 solution
  • Payment processing
  • Payment processing dashboard
  • New version and iteration of our solution in V4
  • v4 with 50 states coverage with the added feature
  • Thunes integration
  • New tier upgrade
  • Truly self-service Machnet sandbox and many other

We added multiple partnerships and products to enhance our service offerings: Thunes, SynapseFi, TabaPay, Evolve, Plaid, Ideology, ShuftiPro, LexisNexis, Sift-Science, Sardine, Reserve Trust, PrimeTrust, Clear Junction, Tranglo, DC Bank. And the list goes on. And this will continue to evolve as we grow our footprint and our service offerings at a massive scale. Bringing best-of-the-breed solutions and partners to our platform will always be our focus.

Our new goal for 2022 is to write and publish more on what and why we are building our new product/services and our wins, losses, and most important learnings along the way. We truly believe in building in public so we are 100% transparent and holding ourselves to utmost accountability. This will be our added new core principle going forward. This will be beneficial for our team, our customers, and partners who are excited to work with us. Win, Win, Win. Brand new website and new API docs solution are some quick wins on this front. Expect to see much more content on our journey for us, our customers, and the world.


We have started to see our customers thinking of embedding and adopting banking as part of their product. Those who used to operate P2P started giving virtual bank accounts, those who used to operate P2P wanted to offer Global Bill pay services ( P2B), and more.

We have a few metrics that track our success. Our revenue grew 120% compared to 2020 and our number of clients grew >200% in 2021. There are a few other metrics we track below that we want to share.

  • One of the main metrics is our transaction volume. The volume of transactions increased to a run rate of $8M per month.
Transaction Volume
Transaction Volume

We will continue to grow at this rate and we expect to reach the platform volume of $250M+ by the end of 2022.

  • The number of transactions is another metric that we track. At this stage, we are trending towards 10,000 transactions per month and with the traction we have, we are expected to triple or even quadruple starting Q1 2022.
Number of Transaction
Number of Transaction

  • Machnet has scaled its payout network from 30 countries to 150+ countries in 2021.
Payout Coverage
Payout Coverage

We also significantly grew our headcount. We started the year 2020 with 20 amazing employees and by the end of 2021, we crossed 55 best of the bread hyper-focused on building Machnet.

In the first year of providing cross-border service, we learned a lot. We relentlessly listen to our customers. We become very obsessed with our customer experience.


In 2021 we raised close to $1M from friends and family networks to support the growth of the company. This capital helped us to speed up the product development, grow our team and build a market-ready solution. Our offices in the US and Nepal are actively hiring. If you know any passionate, smart, and high-energy people in your network, please encourage them to apply. We need more funding in 2022, hence we will do a roadshow in Q1 2022. If you want to support the growth of Machnet, please reach out here.


We are very excited about 2022. In the first quarter of 2022, we will be launching our complete Cross Border Banking Product to 20+ customers. Currently, these customers are going through the onboarding process. We want to truly champion for our customers to build a truly awesome fintech application on our platform.

For 2022 we have an aggressive and exciting roadmap planned and we are counting on all of you to help build this in true Machnet fashion.

Product Roadmap
Product Roadmap

We will be providing more insights into what, why, how, and when on these key new features as we get to 2022. We are very excited to build this and very excited about 2022. Stay tuned for more information!


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