With its launch in 2015, Remitbee has become a globally-used and fully digital service for customers to remit money online and capturing the attention of the fintech world. Recently Currency Cloud interviewed Manos Yoganathan, the Remitbee co-founder and vice president as part of their Superhero Spotlight series. He tells Remitbee’s story - how it went from a cash-based remittance company to a cashless digital transmitter that has now saved over 10% of remittance cost to consumers.
Check out the full interview here or read on to learn more about what was discussed.
Today, Remitbee has entered over 108 markets around the world and continues to increase in success. It all started with three brothers in brick-and-mortar FX brokerage, wanting to bring a fully digital service for customers to remit money online.
“How do we do things differently? … We didn’t want to focus on making a profit but making a difference in the things we do. Our first goal was to significantly bring the cost down of remittance by bringing it digitally.” explained Manos.
Becoming a successful business in a multi-billion dollar market was not easy. Remitbee faced challenges of converting customers to online services rather than physical ones offered by competitors such as well-established banks. Manos explains that “to switch customers to an online platform would be extremely difficult … online communication wasn’t the norm back then in 2015”. Remitbee put together a problem-solving product with a great user experience design to overcome the challenge of transition. Customers were convinced that digital remittance is the way to go with the convenience of sending money in a few clicks.
With a growth rate of 270% in 2020, Remitbee continues to grow and learn how to serve its customers better. Remitbee strives to be on top of the game through fast payment deliveries while keeping costs as low as possible for its customers. With new products coming and business-to-business services, Remitbee is accessible, convenient, and cost-saving for everyone.