Pesa Expands Remittance Services To 36 European Countries, Surpasses 1M Transactions, Achieves Profitability
Canadian Fintech Extends The Reach of Its Secure and Affordable Money Transfer Platform to a Fourth Continent.
TORONTO–(BUSINESS WIRE)–#Africa—Pesa, a Canadian cross border financial service provider, announced today its expansion into Europe. The Toronto based startup will now offer its free and convenient money transfer services to businesses and individuals in all 36 countries of the Single Euro Payments Area (SEPA).
This follows Pesa’s recent India launch and impressive results serving the West African diaspora (Nigeria, Ghana, Cameroon).
With the Europe expansion, Pesa will extend its full platform offering to enable both immigrants and small businesses to conduct seamless and free cross-border transactions within Europe using Euros. This includes real-time transactions, currency exchange, and multi-currency wallets.
In tandem with the European expansion, Pesa has also announced milestones in transactional volumes and profitability. The remittance provider – founded in 2022 by immigrants Tolu Osho, Yusuf Yakubu, and Adewale Afolabi – surpassed one million transactions with a total transaction value of over $380 million, since inception.
The company also confirms it is profitable, generating revenues in excess of expenses for a second year. Pesa has achieved these milestones by cultivating its business model and platform innovation to serve the customer experience.
These are some of Pesa’s core attributes in each category:
Business Model
- Customer-Centric Product Design – No fee structure for all transactions, real exchange rates, and product creation entirely tailored to fit customer needs.
- Scalable Partnerships – Strategic alliances with financial services to facilitate smoother integrations and wider service availability.
Technology Platform
- App Design – Advanced methods for real-time currency conversion, risk assessment, and fraud detection, significantly enhancing transaction speed and security.
- User Experience – A highly responsive and user-friendly app interface, which integrates all services seamlessly and offers personalized for each user.
Anyone in Canada can access Pesa’s Europe, Africa, and Asia remittance services by signing up or downloading the app via the company’s website. Approval takes only a few minutes, owing to Pesa’s efficient compliance technology.
Since founding in 2022, Pesa has rapidly grown to transaction volumes in the hundreds of millions of dollars. Founders Osho and Yakub have led the venture to scale tens of thousands of monthly users. Both bring industry experience in financial services from stints working with global leaders such as Interswitch, Coinbase, and Interac.
Since launching Pesa, they’ve achieved this by providing seamless services, better commissions, and more competitive money transfer terms (than competitors) to immigrants sending money to family and friends back home.
The company’s micro-pricing model and digital remittance rails have made it a hit, especially among younger, tech-savvy members of the African and Asian diasporas.
“Building a competitive remittance company is no small feat, but our relentless focus on the customer experience and compliance has allowed us to gain traction,” said Tolu Osho, CEO and co-founder of Pesa, who is licensed by FINTRAC – the national financial intelligence agency of Canada.
“The expansion into Europe is driven by a strategic plan to tap into a large and financially active market, offering Pesa’s tailored transactional solutions to a new audience seeking secure, easy and convenient transactions with no fees,” said Pesa Founder Yusuf Yakubu.
About Pesa
Pesa is a Canadian remittance fintech company on a mission to help immigrants succeed by providing affordable money transfer services to send funds back home. Founded by immigrants, Pesa leverages digital remittance rails and micro-pricing to dramatically undercut fees of traditional money transfer firms. The company is headquartered in Toronto.
Pesa is backed by Fast Forward Venture Studio and several leading financial service providers.
For more information, visit pesa.co.
Contacts
For inquires please contact [email protected]
