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182%

1 in 7 people globally either send or receive international remittances often paying excessive fees on these transactions. Sendit.Money is building a cost-effective mobile wallet providing an intuitive, secure, and inexpensive way to send and receive money. Having created a prototype for African markets they are now raising to launch.

  • Africa's population is young & rapidly adopting new technology
  • Mobile banking in Africa will exceed 181 million customers in 2021
  • Designing a low cost cross-border payment platform which is secure & scalable
  • The Sendit.money team have the skills, market awareness and motivation

Idea

Sendit.Money Video

Individuals sending or receiving money in emerging markets can face insecure processes, slow transaction times and incur high costs. This is because non-fiat currencies are changed multiple times before they are received. In 2018 the Global Remittance market was worth $689bn, with Nigeria's contribution alone being $23.8bn.

While travelling in Africa in 2018, our founder Michael witnessed firsthand the problems people face when sending money in and out of Africa. Since then we have incorporated, built a prototype and grown a team.

Sendit has been designed so that funds remain local. Debtors deposits will pay creditors beneficiaries and the books will be kept balanced via frequent reconciliation between international financial partners. The aim is that efficient transactions will mean customer savings.

Traction

- Wales Startup awards 2020: Shortlisted for best Global start-up

- Saïd Business School: Liber Project Cohort

- Barclays Eagle Labs Accelerator

This round will allow us to build and launch our MVP in Q3 of 2021. Funding will also allow us to begin work with an authorised entity to become an approved representative. This regulated status will be dependent on a successful launch of the MPV and a full agreement.

We are motivated by a desire to build a business that has a positive impact on the world. Help us to change the future of remittances in Emerging markets for the better!

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Sendit.Money has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.