Fin Tech - SAFE
A high-growth and disruptive Fintech platform that provides a better solution for migrant cash remittances. Backed by EI and operating in a Remittance industry worth $75bn per annum.
€ 250,000 Funding goal
€ 285,955 Invested
Company Summary :
The team have developed Pipit - an online platform for the cash-based user. Pipit integrates with payment providers in developing economies, to enable them to accept CASH payments from their Diaspora through the Cash Collection Network.
Pipit disrupts the Western Union model – instead of remitting cash, a migrant lodges cash directly into an account back at home. Since the business went live in 2017 our global footprint has spread to include:
320,000 cash-in points in 30 countries
50 million bank accounts in Africa
200 million eWallets in Africa
100 million bank accounts in Latin America
2,500 billers in 58 countries
- Pipit’s first ‘corridor’ to go live was UK - Ghana. In 2020 Pipit processed 1.5% of the total remittance through that corridor. i.e £6.5m of funds generating revenue of €55,000.
- In 2020 Pipit Global was named one of the ‘8 FinTech start-ups from around the globe worth keeping an eye on’ and listed in the ‘Sunday Business Post 100 Hot start-ups list 2019’.
- Pipit aligns with the UN Sustainable Development Goals to reduce the cost of global remittance to 3% by 2030.
- The value of the Pipit Global business has doubled in the past 3 years.
- The value of transactions grew from £3.5 M in 2019 to £6.2 M in 2020.
- They are now adding in collection points in 30 additional countries.