Pesa, a remittance fintech startup, was founded by Tolulope Osho, Yusuf Yakubu, and Adewale Afolabi, all Nigerians who settled in Canada in 2017. Their personal experience with expensive and unreliable remittance services led them to create innovative solutions for the market. Initially targeting the Canada-to-Africa remittance market, Pesa now has global ambitions.
The timing of Pesa’s launch aligns with the increasing demand for fast, affordable, and reliable cross-border remittance services. According to the World Bank, remittances to low-and-middle-income countries have increased by 38% over the past six years, reaching $656 billion by the end of 2023. The World Bank predicts further growth in the coming years, with digital remittance tools playing a crucial role in accelerating transactions by reducing costs and increasing access to formal money transfer channels.
Pesa’s main goal is to enable users to send money securely and quickly while removing borders around money. The startup has developed a multi-currency wallet that allows users to send, receive, and hold multiple currencies. This feature ensures that users can seamlessly transition between countries without any disruption in their financial services. As Pesa expands its services globally, users will be able to transact in multiple countries without any hassle.
Currently operating in 27 European Union countries and the United Kingdom, Pesa is in the final stages of acquiring licenses to launch in the United States. The startup is also present in India, the world’s leading remittance destination, which received $120 billion in remittances last year. By expanding its coverage, Pesa aims to tap into the growing remittance markets in Africa and India. In Sub-Saharan Africa alone, remittances reached $54 billion, with countries like Nigeria and Kenya being top recipients.
Pesa’s expansion efforts will intensify competition in the digital remittance space. It will compete with companies like Nala, Leatherback, Send by Flutterwave, LemFi, Eversend, Wise, and Zepz. Despite being bootstrapped and part of Fast Forward Venture Studio’s current cohort, Pesa has already achieved profitability within two years of operation. The startup has processed over a million transactions valued at $380 million and has gained 60,000 users, with 30% of them being active.
Looking ahead, Pesa is optimistic about its impact in new markets and plans to introduce multi-currency cards. The startup aims to complete its expansion and integrations across all continents, generating more revenue than it currently does. With its focus on providing fast, secure, and affordable remittance services, Pesa has the potential to revolutionize the global remittance market and improve financial inclusion for millions of people around the world.
