As of today, Regalii officially expanded their operations to Africa. Via Regalii, immigrants will now be able to pay their bills with 60 of the largest utility companies in Nigeria with 18 of the largest remittance companies in the world.
"Africa is an important region to drive our continued business growth and we are squarely focused on delivering against our millennial immigrant strategy," said Regalii co-founder Edrizio De La Cruz. Remittances sent home by relatives or friends working abroad are the financial lifeblood of many poor countries. One of the biggest and fastest-growing markets is Africa, which received $32 billion in 2013. That is expected to grow to more than $40 billion by 2016.
Regalii is well positioned to serve that population via its white-label mobile and web platform that allows immigrants to pay their family’s bills anywhere in the world. Regalii is the only mobile and web platform that provides real-time balances and payments across 300 billers in 10 different countries. The platform is used in 18 leading remittance partners in the US, representing over 40,000 locations.
Regalii's mission has attracted investors such as Y-Combinator, Andreessen Horowitz, Maverick, Winklevoss, Kapor Capital and Alexis Ohanian. Launched in 2013, the company had a successful pilot in the Dominican Republic, resulting in nearly 70,000 users in that country alone.
“As a young immigrant myself, I know we influence family purchasing decisions, contributing a large percentage to the familial income through our financial support.” says De La Cruz.
Regalii is the first and only remote bill pay platform that gives the user control and full transparency. Regalii is a company built by immigrants, for immigrants. Remittances remain costly, slow and non-transparent. All of Regalii’s founders know the challenges in remittances because they experienced the problems themselves.
“All immigrants leave part of their family behind for better opportunity, and part of that American Dream includes supporting those loved ones we left home. We do that through remittances," says De La Cruz. “The traditional money transfer process is complicated, expensive and does not offer a sense of control for the sender. Regalii is the ideal solution and puts money back in the sender’s pocket putting the traditional methods of money wiring less relevant for today's more tech-savvy global consumer.”