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Mobile-based remittance start-up Beamit raises $2.4m

13 April 2012  |  5957 views  |  0 Fingers on smartphone keypad

Beamit, a start-up offering mobile phone-based remittance services for US-based immigrants, has raised $2.4 million in a funding round joined by big tech hitters Jeff Bezos of Amazon and Google's Eric Schmidt.

Founders Co-Op led the investment round, which was joined by Schmidt's TomorrowVentures vehicle and Bezos Expeditions, the Amazon CEO's company, which also seed-funded Beamit to the tune of $750,000 in convertible debt back in November.

Beamit was founded by Matt Oppenheimer last year following a stint as head of mobile and Internet banking for Barclays Bank in Kenya. He's now looking to tap into a remittance market estimated to be worth $374 billion a year by the World Bank.

The company has developed an app that lets users transfer money across borders with the click of a button. The technology is currently being trialled between the US and Philippines and a public launch is slated for the third quarter.

Chris Devore from Founders Co-Op told Dow Jones that the new money will be spent on engineers, developing the product and "knocking down regulatory barriers".
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