- Around AUD $1.35bn of remittances were sent from Australia to the Philippines based on 2017 data
- International money transfers from the Philippines to Australia amounted to AUD $21m
- Bizmoto plans to expand its services to India and Vietnam
International remittance brand Bizmoto just partnered with Direct Agent 5 (DA5) to provide money transfer services between Australia and the Philippines.
Direct Agent 5 has over 1,000 locations in the Southeast Asian nation, the kind of reach that Bizmoto is looking for. In return, the Philippine company will be able to utilize Bizmoto’s money transfer platform. DA5 is a trusted agent of the Western Union brand in the Philippines while Bizmoto is owned by Australian fintech firm Peppermint Innovation.
With over one billion dollars in remittances from Australia to the Philippines and millions from the Philippines to Australia based on 2017 figures, Peppermint Innovation representatives note that the deal is a great business opportunity.
According to Peppermint’s Managing Director Chris Kain: “The DA5 deal is significant for our Australian Bizmoto remittance business because it extends our product offering to a trusted payout partner in the Philippines.”
Kain adds that the online remittance platform is looking into entering India and Vietnam: “Both target markets represent tremendous growth opportunities for Bizmoto’s international remittance business, with World Bank figures showing Australians transferred more than USD $3.126bn into these two markets in 2017.”
Peppermint Innovations has shown aggressiveness in expanding its reach. In March, the Australian company signed an agreement to acquire RemitWisely, a remittance company that is barely a year old. The purchase price has not yet been determined, according to Peppermint representatives but it will likely be the agreed minimum of AUD $560,000 or three times the company’s EBITDA.
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