Changes on Twitter bring it closer to the 11Onze model

The popular social network becomes X and Musk advances that the platform will become a superapp that combines messaging tools, payments and a marketplace all in the same place. In other words, Twitter will become a financial community in the coming months, exactly what 11Onze began to do more than two years ago.

Everyone can finally understand why the world’s richest man, Elon Musk, bought Twitter for $44 billion. He wasn’t buying technology, he was buying users. Twitter is already called X, which will be the new superapp that will integrate the social network and a series of financial services.

X will be a platform where users can make mobile payments and manage online banking, in fact the necessary licenses are already being processed to make it possible. Products can also be purchased directly within the community and it is even pointed out that it could be operated with cryptocurrencies, because Musk is a big fan. 11Onze users are probably familiar with this vision because it is exactly what 11Onze has been doing since day one.

Musk explained it this way this July when Twitter’s name changed to X: “In the coming months, we’ll be adding end-to-end communications and the ability to conduct your entire financial world.” The South African billionaire tries, then, to return to the world of finance that gave him so much joy with PayPal.

Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.

The Twitter name made sense when it was just 140 character messages going back and forth – like…

— Elon Musk (@elonmusk) July 25, 2023

Fintech communities

X will therefore be a fintech community. What at 11Onze we have called fincom (fintech-community) from the beginning. Once again, it is confirmed that the vision of 11Onze anticipated the evolution of the financial system by a few years. But the way to launch our fincom is diametrically opposed to the one used by Musk. The richest man in the world has bought the community, users who signed up for a social network with the sole purpose of chatting, learning and ranting. Now all these users, profiled by their habits and consumption, have been sold to a billionaire determined to make a profit. This generates obvious moral dilemmas: taking into account that Twitter knows you intimately because it knows your political ideology, what you like, what time you connect, from where and what content you spend more than others… Is it acceptable for someone to use all these data to control and enrich himself with your financial management? How ethical is it for someone who knows you better than you do to offer you products and control your finances?

The 11Onze model: we’re clear

The main difference between 11Onze and X is, apart from the fact that we don’t have 44,000 million dollars or 368 million users, it’s that we’re going straight ahead. From the first moment we explained that 11Onze is a fincom. A fintech platform where the community can educate themselves financially, consume content and access a constantly growing range of financial products. From the El Canut account to instant payments, cards, bank management, gold purchase, cryptos and, soon, loans.

All of this only reinforces the 11Onze model and gives meaning to the large number of international recognitions that our entity has received, despite the silent monitoring of the Catalan media. The Centauri Awards of the Vega Awards, the UX Design Awards, The Webby Award, the bronze of the ADG-Laus, what they did was point out that Once had gone ahead with his vision. What professionals have been rewarding for more than two years, the irruption of the fincom category and the design of integration of services, content and finance. Now it will reach the general public in the West with X, in China WeChat has been operating for a long time. At 11Onze we welcome the new platform and we conspire to continue making the best fincom possible, especially for people and companies in the Catalan Countries.

If you’d like a refresher on the community fintech vision we pioneered over two years ago, you can pick up this podcast with our president, James Sène.