RemitRadar, a UK-based money transfer marketplace, is now seeking £400,000 through its recently launched equity crowdfunding campaign on Seedrs. Founded in 2014, RemitRadar describes itself as a money transfer marketplace aggregating major money transfer systems to provide consumers with a “one-stop “ money transfer and bill payment solution.
“RemitRadar was started as an online comparison/aggregation platform for the senders and receivers of money transfers, or remittances. This group (our addressable market) comprises >250 million migrant workers who send money home and >700 million recipients (mostly family members). Their total income is over $2 trillion but they are unbanked, under-served and under-insured.”
RemitRadar further noted that its executive team has both intimate knowledge and expertise in the money transfers and related payments market; Current relationships include Money Transfer companies, retail agent networks, regulated financial institutions (banks, Post Offices) and government authorities (National banks, Central Bank, Finance ministries etc.). In regards to what the Seedrs campaign funds will be used for, RemitRadar added:
“Now we are raising capital to increase our market penetration (currently 4%), enhance our service, apply our technology and use our GDPR-compliant customer data to improve our customers’ access to credit, optimize the routing of their money transfers and aggregate their buying power in order to procure discounts and special offers. It is a business solution that helps reduce poverty and improve financial inclusion.”
RemitRadar is now offering 20% discount through the Seedrs round, which is set to close mid-September. The company has also applied for the Future Fund.
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