02/08/2023
Six companies making it easier for Africans to send money globally!
Sending money in and out of Africa has been a challenge, but these innovative companies are rewriting the rules! Check out the game-changers below:
1. LemFi (Formerly Lemonade Finance):
Founded in 2020 as Lemonade Finance, LemFi is a digital bank catering to the African diaspora. The platform issues multi-currency accounts to users, allowing them to receive payments from abroad, convert them to local currency, and either store the funds in the app or transfer them to their bank accounts. With a presence in the U.K. and Canada, LemFi now enables money transfers to 10 African countries, including Senegal, Côte d’Ivoire, and the Republic of Benin, boasting over 100,000 users.
2. Leatherback:
Launched in January 2022, Leatherback is an African neo bank offering global banking solutions to businesses and individual customers. It provides multi-currency bank accounts, making it easy for users to send money to and from African countries, as well as facilitating payments between its operational markets in the U.K., Europe, Canada, the U.S., and India.
3. :
Originally a local money transfer startup, Nala pivoted to facilitating cross-border transactions in 2021. Now enabling payments from the U.K., U.S., and recently the EU to five African countries, including Nigeria, Kenya, and Tanzania, Nala is integrated with Apple Pay and Google Pay. Having raised over $10 million in funding, the company is expanding its services to more African nations.
4. Eversend:
Founded in 2017 and launched in 2019, Eversend is a comprehensive payments platform offering cross-border payments, virtual cards, currency exchange, and crypto buying and selling. With impressive growth, the company now supports nine currencies, operates across seven countries, and serves over 400,000 users. Eversend's mission is to simplify international transactions for Africans.
5. Chipper Cash:
Founded by Ham Serunjogii and Maijid Fiifi Moujaled in 2018, Chipper Cash aims to make cross-border payments as easy as sending a text. With substantial funding of $337.2 million across seven rounds, the company is now valued at $2 billion. Chipper Cash serves over 5 million users, allowing them to send money to 21 African countries, including Malawi and Ethiopia.
6. Send by Flutterwave:
Launched in December 2022, Send by Flutterwave is a cross-border remittance product by Flutterwave. Users from the U.S., U.K., and 19 European countries, including Belgium, Germany, and Malta, can send money to seven African countries, such as Côte d’Ivoire and South Africa.
Let's celebrate these trailblazers for making financial services accessible for Africans everywhere! Follow them for the latest updates on their groundbreaking journey!
Credit: Rest of World