The most common business models for startups are without a doubt Fintech startups, as they continue to offer solutions for payments, savings and mobile money transfers. The global fintech market size is forecast to reach USD 332.5 billion by 2028.
The Fintech company SendSprint, a UK-based money switch startup with operations in the US and Nigeria, has launched a special feature with a fixed fee of $ 5 for all transfers.
SendSprint enters the money transfer market, which is dominated by business veterans such as MoneyGram and Western Union, as well as the relatively new fintechs such as Zepz, Remitly and Wise.
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However, SendSprint’s $ 5 fixed fee for all international money transfers can give it an edge over the competition. The company targets three preliminary international resorts such as South Africa, Kenya and Nigeria.
SendSprint is without a doubt on its way into the fintech ecosystem, as it has already partnered with Africa’s most valued startup, Flutterwave, with the company’s valuation at $ 3 billion.
This partnership is truly strategic, as it will help SendSprint with cross-border transfers to 34 of the continent’s 54 international locations. It will also help the company quickly comply with laws at its international operating sites.
SendSprint CEO Damisi Busari, who has been identified as a former Flutterwave staffer, revealed that the Fintech startup was set up to connect Africans in the diaspora to their loved ones, enabling fast, easy and hassle-free international transfers. From setup to transfer confirmation within minutes of signing up for an account, Sprint completes transfers in minutes.
In her words, “We understand the connection people have with their home countries and the importance of sending money and gifts home to support their loved ones. SendSprint is about connecting the African diaspora to your loved ones at home by enabling fast, easy and hassle-free international transfers as well as an innovative gift experience.
This is a product of the African diaspora. All of us at SpendSprint understand the many requirements that Africans living abroad need. Our service recognizes and reflects this “
The company has already started operations in the UK as its first step, as it plans to expand to the US and Canada in the coming months. With SpendSprint’s fixed fee of $ 5 for money transfers, as opposed to a sliding scale from other providers, it is safe to say that Africans in the diaspora will not hesitate to try them out and possibly make them their preferred option for money transfers home.
The company has also entered into partnerships with top companies such as Jumia, Game, Shoprite, St. Nicholas Hospital, Healthplus Pharmacies and movie theater cinema among others.
The fintech industry has continued to gain in importance in recent years, as the fintech ecosystem represents a multi-billion dollar industry, with these start-ups offering high-tech solutions for financial products and services. The Fintech market is growing significantly at a rapid pace and is expected to reach almost $ 700 billion by 2030.
