June 28, 2019
Did you know that if nine strangers were to be put in a room, there is a high chance that at least one of them would be involved in a remittance transaction? According to the United Nations, about 800 million people in the world, representing one out of every nine people, either send or receive money. This itself is not surprising, given that the global remittances market reached $689 billion in terms of transactions in 2018, up from $633 billion in 2017. This growth is highly driven by low and middle-income countries, which are expected to touch $550 billion in 2019, up from $529 million in 2018, in terms of remittances.
To celebrate this market, the 16th of June, every year, is designated as the International Day of Family Remittances (IDFR). At MEDICI, we wish to send our belated wishes to all those who have made, or are in the process of making remittances around the world. So, in honour of IDFR 2019, we bring you this list of the 15 well funded remittance startups from MEDICI database:
TransferWise, founded in 2010, is a peer-to-peer money transfer service that allows foreign students and businesses to transact money globally. The firm provides customers with a lower-cost alternative to traditional means of moving money internationally. It is headquartered in the UK.
WorldRemit, founded in 2010, allows a person to send money or airtime to over 40 countries. It is headquartered in the UK. It covers 150 countries around the world, and has over 4 million customers.
Remitly, founded in 2011, is a mobile payments service that enables users to make person-to-person international money transfers. It provides an option to conduct international transfers, either directly to a recipient's bank account, for pickup or home delivery of cash, or to a mobile wallet. It is headquartered in the US.
Flywire, founded in 2009, is an online domestic and international payment platform. It also offers a cross-border payment solution for patients traveling overseas for medical care. The company's solution enables hospitals to offer international patients various familiar online and offline payment options in multiple currencies. It is headquartered in the US.
Currency Cloud, founded in 2012, is designed for customers who want to make payments across the globe. By accessing the currency Payment Engine via an API, customers can automate end-to-end international payment processes and deliver sophisticated solutions which are tailor-made. It is headquartered in the UK.
Azimo, founded in 2012, is a global payment processing business, providing internet and mobile-based inter-country consumer money transfer services. It is headquartered in the UK.
Boom Financial, founded in 2008, provides an online financial platform for customers to share and spend money via their cell phones, in the United States and Mexico. It allows users to send money to recipients through mobile text messages. The recipients then receive the money on a prepaid card. It is headquartered in the US.
InstaReM, founded in 2014, provides cross border money transfer services that lets both individuals and businesses remit money to more than 25 countries. It is headquartered in Singapore.
Veem, founded in 2014, is a Payment Service Provider (PSP) which enables businesses and payment platforms to send and receive payments in local currency, via a simple, frictionless methodology. It uses blockchain as the settlement rail. The company’s mission is to change the legacy financial payment system through innovation. It is headquartered in the US.
Abra, founded in 2015, is a Bitcoin-powered digital wallet that allows people to send money from their bank accounts, at zero cost. It is now available in the US and the Philippines. Users can deposit money into the app via either a linked bank account, or through Abra Tellers, which converts the funds into bitcoin. It then transfers the amount to the recipient’s bank's account, or to the nearest teller’s location. It is headquartered in the US.
WeSwap, founded in 2010, is a person-to-person currency exchange for travellers. Users swap currency with each other at the interbank exchange rate, and pay a transparent fee. It also provides an online account which can hold multiple currencies, for which users receive a WeSwap Prepaid MasterCard®. It is headquartered in the UK.
PaySend, founded in 2015, offers a money transfer platform that allows users to send funds from one card to another, across 60+ countries. Users can directly send funds from their cards, without the need of any bank account numbers, IBANS, or sort codes. It is headquartered in the UK.
CurrencyFair, founded in 2009, is a P2P online marketplace enabling individuals and businesses to exchange currencies and send funds to bank accounts. It is headquartered in Ireland.
MFS Africa, founded in 2010, works with mobile payment networks, banks, and financial organizations, to provide banked and underbanked customers with financial offers. It offers FOREX, technical interconnection, and financial settlements between banks, mobile wallet operators, financial organizations and other partners connected to their hub. It is headquartered in South Africa.
BitPesa, founded in 2013, is a foreign exchange company that converts Bitcoin into local African currencies. The company currently exchanges Bitcoin for Kenyan shillings, which are delivered to M-Pesa in Kenya and M-PESA, Airtel Money and Tigo in Tanzania. It is headquartered in Kenya.