01 March 2017
visit nextgenbanking.co.uk

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

13 April 2012  |  5990 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".
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canadian mobile money venture Zoompass to offer international remittances

Canadian mobile money venture Zoompass to offer international remittances

23 September 2010  |  6946 views  |  0 comments
Western Union to launch mobile remittance service in Malaysia

Western Union to launch mobile remittance service in Malaysia

05 October 2009  |  9844 views  |  0 comments
Cgap calls on mobile remittance operators to move into savings market

Cgap calls on mobile remittance operators to move into savings market

30 September 2009  |  9023 views  |  0 comments
Swift rolls out workers' remittances platform

Swift rolls out workers' remittances platform

08 September 2009  |  6535 views  |  0 comments
Barclays launches online remittance service to India

Barclays launches online remittance service to India

01 December 2008  |  11908 views  |  1 comments
Monitise launches mobile remittance system

Monitise launches mobile remittance system

12 February 2008  |  10128 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextravisit BNP paribasvisit dh.com

Top topics

Most viewed Most shared
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
8729 views comments | 19 tweets | 18 linkedin
Barclaycard strikes new wearable deals for contactless jewellery and watchesBarclaycard strikes new wearable deals for...
7958 views comments | 17 tweets | 15 linkedin
In wake of Cloudflare bug, Starling advises customers to change passwordsIn wake of Cloudflare bug, Starling advise...
7344 views comments | 7 tweets | 12 linkedin
Bank of America first to launch Zelle P2P paymentsBank of America first to launch Zelle P2P...
7181 views comments | 12 tweets | 10 linkedin
Kaspersky records uptick in financial phishing and banking malwareKaspersky records uptick in financial phis...
6791 views comments | 6 tweets | 8 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job