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.
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.
- 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!