SendSprint, created by a former Flutterwave executive, enters the market with a $5 flat fee on all international money transfers

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SubmitSprinta money transfer startup based in the UK but operating in the US and Nigeria was launched today with the unique selling point of a $5 flat fee on all transfers.

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Within the first 18 months, fintech will target 300,000 of the 1.7 million Africans in the UK and then spread to the US and Canada. It is entering the money transfer market, which is dominated by industry veterans Western Union and MoneyGram, as well as relatively new fintech companies such as Zepz (formerly WorldRemit), Remitly and Wise.

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However, its fixed cost offer for all transactions can give it an edge over its competitors, all of which use a sliding scale that often increases significantly depending on the payment method the sender chooses, reaching over $10 per send. $200 at some sellers.

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SendSprint is partnering with three original destination countries – Kenya, Nigeria and South Africa – with Africa’s most valuable startup, Flutterwave, which already supports cross-border transfers in 34 of the continent’s 54 countries. The partnership will help SendSprint quickly meet the requirements of the countries in which it operates.

“The UK launch represents an important step for SendSprint as we look to expand and connect people around the world to their homes in Africa. We have ambitious growth targets that will be supported by expanding our team in both product and customer service,” SendSprint founder and CEO Damishi Busari said in a statement shared with TechCrunch.

Ms. Busari, a former Flutterwave executive, says she founded SendSprint to connect the African diaspora “with loved ones at home by providing fast, simple and hassle-free international transfers.”

Its product goes even further and includes the Sprint Connect gift card service, which works through partnerships with more than 3,000 retailers in recipient countries, including Africa’s largest supermarket retailer Shoprite, online store Jumia, hospitals and pharmacies.

The gift service was based on research into how remittances to Africa are commonly used. Sub-Saharan Africa received $49 billion in personal remittances last year, according to the World Bank. The bulk of remittances – more than 75% – is used for livelihood through the purchase of basic necessities such as food, medicine and school fees.

“We understand the connection people have with their country and the importance of sending money and gifts home to support loved ones… Our service recognizes and reflects this,” Busari said.

“We are ambitious in our growth targets and aim for 10% market share in each of the markets we have entered.”

Flutterwave, which provides the payment processing infrastructure for SendSprint, called the early-stage launch timely.


Credit: techcrunch.com /

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