THE MODEL: A platform
for users to instantly remit money to many countries. A user can select the
country to transfer money to, select or add a recipient and decide the amount
and mode of payment and confirm the transaction.
STARTUP: WorldRemit (British startup)
WHAT I LIKE
Core Idea – Easy
money transfers using technology is a great concept. In this globalized world
where people frequently travel for work, this market is big and growing.
Ease of Use – Transferring
money is easy and transparent. The transfers are instant and the charges are
low as compared to other traditional competitors.
Trust – The startup
uses industry leading privacy and payment security systems.
CONCERNS
Competition – Banks and other financial organizations are already
offering this service to customers, along with a host of other services. Competing
with a standalone service in such a market is going to be tough for the
startup.