Remitsy

blockchain

STATUS: Acquired/Merged
FOUNDING YEAR: 2015
LOCATION: United Kingdom
Last Update: 02/03/2021

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About

Remitsy is a fintech startup serving businesses who send money to China. Current products include standard business payments, Freelancer Payments, Mass Payouts API and some more dedicated services for Chinese users. We enable businesses to send and receive payments in local currency via a simple, frictionless and inexpensive manner by using distributed database technology [blockchain] as a new settlement rail. This method provides an almost-instant currency swap, matching funds sent with local providers of liquidity. By effectively netting payments Remitsy is able to offer its services at a significant discount to the bank rate. Our current focus is on business payments to China - helping companies all around the world with sending money to China.

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

company provided insights

Traction

COMPANY TYPE:

For Profit

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+

company provided insights
Acquisitions

M&A

ACQUIRED BY

Wyre

ANNOUNCED DATE

Apr 2017

PRICE

---

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

75

AVERAGE VISITS (6 MONTHS)

62.3

MONTHLY VISITS GROWTH

14.67%

VISIT DURATION

41

VISIT DURATION GROWTH

---

PAGE VIEWS VISIT

2

PAGE VIEWS VISIT GROWTH

100%

BOUNCE RATE

0%

BOUNCE RATE GROWTH

-100%

GLOBAL TRAFFIC RANK

22,329,462

MONTHLY RANK CHANGE

-7,951,035

MONTHLY RANK GROWTH

-26.26%

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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

Traction

ANNUAL REVENUE:

$1.0M - $4.99M

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/ACCOUNTS:

100+ Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Integrations with platforms using our API; Business Development efforts focussed in China on those receiving payments from overseas.

CHANNEL STATUS

INITIAL CLIENTS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

8

People

NUMBER OF EMPLOYEES

1-10

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO