- Ollie Walsh, PIP’s Chief Executive Officer, told reporters that PIP seeks to reduce the risk and the cost of sending money home
- The fintech said it will hire a total of 17 employees in the next 18 months
- PIP says that the company is a lot more affordable than established money transfer brands Western Union and MoneyGram
International money transfer and cross-border payments company PIP IT intends to hire more people in the coming months as it just secured a whopping €1 million from its latest funding round.
The Galway business will reportedly hire 17 more people within the year and next year. While 17 is a small number compared to other money transfer services, the development is a huge step for PIP, according to observers.
The brand launched in 2017 and later inked a deal with Zeepay, a fintech registered in Ghana. Apart from Zeepay, the remittance platform also teamed up with Kenya’s ImpalaPay and Zimbabwe’s Zympay. The fintech currently has other partners in the eWallet industry.
With the aim to provide affordable solutions to its customers, PIP executives say that transacting through its platform is a lot cheaper than using established money transfer services such as MoneyGram and Western Union. PIP customers pay 1.5pc per transaction, according to data from the fintech.
In an interview with PIP’s Chief Executive Officer Ollie Walsh, he said the company is “trying to remove the two main obstacles migrants face when transferring money - risk and cost”. Walsh adds that the brand wants to play a big role in “combating financial exclusion” in general. There are currently 250 million migrants from different parts of the world who are currently living and working abroad with the main aim to send enough cash back home. Based on data from the UN, an estimated $600 billion was sent by migrants in 2017 alone.
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