Tunisian remittance fintech My Easy Transfer raises $423k
216 Capital has injected an investment of $423,000 into the Franco-Tunisian startup My Easy Transfer, which specializes in facilitating secure money transfers from the diaspora. Launched in March 2022 by the Khenissi brothers, Ismaïl and Jabrane, the startup claims to have experienced substantial growth, amassing an impressive customer base of 10,000 individuals.
With this fundraising, My Easy Transfer envisions expanding its platform to cater to all the payment requirements of the diaspora, encompassing money transfers, mobile top-up services, and bill payments, all accessible through a single mobile app. Additionally, it intends to transform into the foremost payment Super App for the diaspora, enhancing its presence in Tunisia through new partnerships and extending its reach into new African markets such as Morocco, Mali, and Senegal.
Dhekra Khelifi, Partner at 216 Capital, says, "My Easy Transfer embodies immense potential and is poised to revolutionize the landscape of financial transfers, offering users faster and more cost-effective solutions."
Key Takeaways
Regardless of the country they come from, immigrants face several common problems such as adapting to the banking systems of their new homes and also sending money back home. In 2022, migrant remittances reached $626 billion globally. For many African countries, these remittances are an important source of foreign exchange. Some countries even encourage their citizens to find work overseas so they can send money back home. But this several hundred billion dollar migrant remittance market is a broken sphere that startups like My Easy Transfer are looking to address. With almost 2 million Tunisians living abroad, the country’s diaspora is more than ever a major resource for the North African economy. By the end of 2023, money transfers from the diaspora are estimated to reach 10 billion dinars (around $3 billion).
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