Seattle-based Beamit, specializes in international money transfers for ordinary people. For the most part, when people wanted to send money to relatives in other countries it often meant spending time in long lines at Wal-Mart or other retail establishments, filling out long forms and waiting for Western Union or Moneygram to take in all the information and then finally the recipient would receive the funds. This was of course, after paying outrageous fees to the service provider.
Beamit’s founder Matt Oppenheimer discovered this pain first hand while overseeing mobile and internet banking at Barclays Bank Kenya.
“Many Kenyans received money in an old and antiquated way using a cash-based system on both ends but it was an expensive and a painful customer experience,” Oppenheimer told Seattle based tech site Geekwire. “I knew that there was the opportunity to leverage digital channels, including mobile phones, to improve the lives of our customers.”
More after the break
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