Remitsy

blockchain

STATUS: Acquired/Merged
FOUNDING YEAR: 2015
LOCATION: China
Last Update: 09/07/2020

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About

Remitsy are saving businesses time and money on international payments to China. Currently, Remitsy help businesses all around the world with their payments to China. Remitsy is the fastest and cheapest solution for China corridor, thanks to underlying blockchain technology.

MEDICI Analysis

Remitsy is a next generation Payment Service Provider for global commerce. They enable businesses to send and receive payments in local currency by using distributed database technology (blockchain) as a new settlement rail.

Focus

PRODUCTS & SERVICES

Wire transafer

REVENUE MODEL

We convert funds at the Mid Market Rate, and our fee for conversion and delivery is calculated from 1% of the sending currency value.

PRIMARY PROBLEM SOLVED

Fastest & cheapest business payments to China. We are transparent in everything we do - we use real exchange rate and only charge businesses one simple fee.

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

REVENUE

$1.0M - $4.99M in 0

REVENUE COMMENT:

Small customer base projecting $100k per month in transactions. Our fee averages c. 1.25%.

NUMBER OF TRANSACTIONS:

10.00

TRANSACTIONS VALUE:

100 K

TRANSACTIONS COMMENT:

Began processing transactions in February and optimising system according to the lessons learned / feedback provided. Currently at c. 100k / mo. We are now ready to begin our growth stage.

ACTIVE USERS:

100+

People

FOUNDERS

Richard Bensberg

Neil Woodfine

BOARD MEMBERS AND ADVISORS

John Porter

NUMBER OF EMPLOYEES

1-10

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$2.5 M

MONTHS LEFT WITH CURRENT CASH BURN RATE:

5 months from 11 Jun, 2016

BASICS

STATUS:

Acquired/Merged

FOUNDING YEAR:

2015

LOCATION:

China

Views:

103 VISITORS | 155 VIEWS
TOTAL EMPLOYEES
1-10

About

Remitsy are saving businesses time and money on international payments to China. Currently, Remitsy help businesses all around the world with their payments to China. Remitsy is the fastest and cheapest solution for China corridor, thanks to underlying blockchain technology.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Remitsy is a next generation Payment Service Provider for global commerce. They enable businesses to send and receive payments in local currency by using distributed database technology (blockchain) as a new settlement rail.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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Remitsy

About

Remitsy are saving businesses time and money on international payments to China. Currently, Remitsy help businesses all around the world with their payments to China. Remitsy is the fastest and cheapest solution for China corridor, thanks to underlying blockchain technology.

Focus

PRODUCTS & SERVICES

Cross-border Payments Mass Payouts Individual API Solutions Paying Subcontractors

REVENUE MODEL

We convert funds at the Mid Market Rate, and our fee for conversion and delivery is calculated from 1% of the sending currency value.

TOP PROBLEM SOLVED

Fastest & cheapest business payments to China. We are transparent in everything we do - we use real exchange rate and only charge businesses one simple fee.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

Individual API Solutions Mass Payout Solutions Paying Subcontractors SME Payments

KEY DIFFERENTIATORS

Focused on China inbound payments. Fastest & cheapest on the market. Strong team with Chinese-speaking British founders with a background in Risk & Compliance and China-based manufacturing. Extensive blockchain experience with founders having come out of world’s largest bitcoin trading exchange, and development team having created software for bitcoin-based micropayment solutions. Providing an end-to-end solution for SMEs. 100% client retention.

PRIMARY CUSTOMER TYPE

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

People

FOUNDERS

Richard Bensberg

Neil Woodfine

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Richard Bensberg

CTO: Leo Campbell

COO, FOUNDER: Neil Woodfine

BOARD MEMBERS AND ADVISORS:

John Porter

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES