5 Startups Making It Easier to Transfer Money Internationally
Just Remit It
Sure, the rise of FinTech is impacting big finance and big spenders in a big way, but the handful of startups have appeared to help foreign workers transfer money internationally – usually to their families back home. Let’s take a look at some of the best.
Just in case you didn’t get enough blockchain yesterday, here’s another startup taking a creative approach to the distributed ledger. Abra is a remittance service built on top of the blockchain that allows users to transfer money in any currency by converting the deposited currency to bitcoin, which the recipient can then convert back to his own country’s currency.
After winning the Launch Festival 2015 in March, Abra raised $12 million in Series A funding last month.
Regalii takes a different approach to remittances – instead of facilitating a cash exchange, they help users to directly pay utility bills for their families living in other countries, saving those family members the hassle of paying the bills themselves. Regalii was founded in the Bronx by Edrizio De La Cruz, who immigrated from the Dominican Republic at the age of 9, and has raised $3 million to date.
In an NBC News feature, De La Cruz said the company is attracting customers who want to know how their money is being spent back home. “These are people who left their family behind and they send sometimes $200 or $300 a month. (With traditional wire transfers) they have no idea how the money is spent.”
WorldRemit, TransferWise, and Azimo
Among the most heavily funded remittance services, TransferWise and WorldRemit raised $58 million and $100 million funding rounds respectively, earlier this year. Both are based in the UK, and both launched in the United States shortly thereafter.
Among the pair’s biggest competitors: Azimo, whose service covers 200 countries and 80 currencies, but the three-year-old remittance startup has focused on providing service for oft-neglected migrants in Europe. In June, the London-based company raised $20 million, with plans to continue growth within the European migrant market.
All this week we’re presenting the best of FinTech, in partnership with SoFi.
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