Machnet annual summary 2022 and beyond

6 mins
February 1, 2024
Machnet Annual Summary | Machnet California

We are pleased to present the Machnet Annual Review for 2022 and beyond. It has been an exciting and transformative year for the company, and we are proud of our growth and progress. 

Read on 

First and foremost, we would like to thank everyone at Machnet for their hard work and dedication in driving our success. From our talented team members to our valued partners and investors, we could not have achieved this level of growth without your support, so THANK YOU! 

As you may know, the fintech industry faced several challenges in 2022, including market volatility, global hyperinflation, the Russia-Ukraine war, and the omicron surge. Despite these challenges, Machnet has remained focused on delivering innovative products and services that meet the needs of our customers. Overall, it has been a  successful year for our startup. We have achieved a lot if we look back and reflect on the year 2022. 

Product & engineering

In 2022, we rolled out several significant updates to our platform. We added a few more use cases, planned to build and enable must-ask products for 2023 and beyond in our roadmap. You can also review our roadmap  on our newly rolled-out website.  Our complete suite of product features to fuel your innovation are as follows:  

  1. Collect: Collect payments from users via ACH & cards
  2. Hold: Build digital wallets for individual & business users 
  3. Deposit: USD account for US & Non-US individuals & businesses 
  4. Send: Enable users to send payments globally
  5. Spend: Enable users to spend from wallets and cards 
  6. Disburse: Single or mass payouts globally

There are various product features we shipped in 2022. Here are a few highlights for the year while we reflect:

  • Enhanced tier systems:  Added flexibility to design your own customer tiering system according to your needs
  • Real-time settlement rates: Daily fx rate via API 
  • Push to cards: Utilize our convenient Push to cards payments to add flexibility to your payment solution
  • Business payments: Expand your offerings to business users and for business payments similar to our P2P payments
  • Enhanced dashboard: Do more within our dashboards regarding users' services, transactions and much more for effective and better operational support
  • Enhanced risk management: Added risk profiling and rules-based risk management further to secure our platform, users, and transactions
  • Individual and business wallets: Add a hold feature for numerous use cases to your application with individual and business wallets
  • Flexible payouts solution: Designed for businesses looking for payouts only. Quickly integrate our payout-focused API to generate payouts on the fly with minimum details
  • White-Label Solution: The adoption of our true white-label solution  has been over 30% of our customers to immediately launch cross border payment product. We invested heavily in it for our client to GTM quickly

These updates have helped us better serve our customers and position ourselves for continued growth in the future as a platform provider. 


We are also pleased to announce several key partnerships that will help us to scale our business to the next height. 

These include partnerships with FV Bank to increase our settlement reach globally, Eastern Point Trust Company to extend our global payout rails, MX to unlock the value of financial data for our client with the most trusted open finance API, Sardine to power our risk, compliance, and payment production through trust using their API,  and Visa for account funding so our end users can fund accounts for various purposes via Visa card and among many others.

These partnerships will help us to offer innovative products and expand our reach in the global market. 


While 2022 was a challenging year for the entire tech ecosystem, Machnet achieved significant growth, and learning and adding more clients than ever before. Over last year, we added 120K plus users in our platform and processed over $95M+  in transaction volume. 

We published 25+ pieces of content in our blog post to increase awareness of our product and service offering. Not only this, we build a content around ‘ how to’ building series were published in 3 Forbes articles and numerous expert opinions in Forbes magazine.  

The transaction volume growth means growth of our client and Machnet. Total Processed Volume was close to $100M in 2022 and going strong in 2023 in the trajectory to process $300M. 

processed volume graph
Total Processed Volume in 2022

Total user growth in Machnet platform is greater than 120K. This means our clients are growing. 

User growth graph
Total User Growth



At Machnet, we always believe that our people are our most important asset. We are dedicated to creating a positive and supportive work environment that empowers our team members to thrive and achieve their full potential. Transparency is the key here with flat hierarchies. 

In the past year, we have seen tremendous growth, both in terms of our team and our business. We have grown from 59 people at the start of the year to 90 strong team members (~60 in core API and ~30 in Service)  by December 2022. This growth is a testament to the hard work and dedication of our team, as well as to the value that we provide to our clients. This also builds trust in what we are building and the teams believe in the value we are generating. As a company, we have always been committed to serving our global clients and helping them succeed.

In the wake of the COVID-19 pandemic, we have also implemented a hybrid work model, allowing our team members to work from the office and home. This has allowed us to continue serving our clients while ensuring our team's safety and well-being.

Team Machnet All-minds 2022
Machnet Team-2nd quarterly All Minds 2022


We are excited to announce this funding round and the support of prominent fintech angel investors. We have raised a $1.7M series seed round from Shamir Karkal, Hustle Fund / Managing Partner- Shiyan Koh , Mengxi Lu, Nicholas Cavet, Eric Barbier Sandeep Puri, Jacques Marco and more. 

This funding will allow us to expand our reach and capabilities further, enabling more businesses to benefit from our hyper-flexible payment API platform. With the backing of these experienced investors, we will be able to achieve our goal of becoming a leader in the global fintech space.

We are very grateful for the support of our investors and are eager to put these funds to work. We look forward to continuing to grow and innovate as we strive to become a leading player in the cross-border global fintech industry. 

Beyond 2022

Hyper Accelerator program

We are also excited to announce that Machnet will be joining the hyper accelerator program. It is the market-leading startup accelerator program to help first-time founders fund and scale their startup. We look forward to working closely with Ash Singh  and Paul Bradley in the first quarter of 2023.  Stay tuned on our updates. 

What’s next

Looking ahead to 2023, we are excited about the opportunities and challenges ahead of us. We are confident that our products and services, strong partnerships, investors, and, most importantly, talented team will enable us to continue driving growth and success in the coming year.

We are looking forward to launching our most awaited service, “USD Bank Account for Non-US individuals and Business”; this will help us get closer to achieving our dream of democratizing the cross-border payment service.

If you are interested in joining our team or have questions about our business, please do not hesitate to check out our career page

Thank you again for your support and commitment to Machnet. We look forward to continuing to work with you as we strive to achieve our goals and create long-term value for our stakeholders.

Our API allows businesses to collect, hold and transfer funds globally to launch a scale cross-border remittance and payment product. Build with us and give us an opportunity. Contact us to learn more. 

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