African fintech Sendsprint is launching in the UK to provide money transfer and gifting services to three destination countries for senders including Nigeria, Kenya and South Africa
Sendsprint’s Send Money product aims to solve a financial problem for the African diaspora by providing a flat fee of $5 for money transfers as opposed to a sliding scale from other providers, with real-time transaction monitoring and 24/7 customer service support.
The company also offers a gifting service, Sendsprint Connect, which can be used for spending at over 3,000 retailers in recipient countries. Partner retailers include Shoprite, Game, Jumia, Filmhouse Cinema, St Nicholas Hospital and Healthplus pharmacies among others.
Founded by former Flutterwave strategy lead Damisi Busari, and using the African fintech's payment platform for remittances, SendSprint is targeting 300,000 UK customers in the first 18 months of operation. The UK launch represents the first step in the startup's international plans as it looks to expand into the United States and Canada in the coming months.
Says Busari: "This is a product for the African Diaspora, by the African Diaspora. All of us at SendSprint understand the multiple demands that Africans living abroad lead. The UK launch represents a significant step for SendSprint as we look to expand and connect people across the globe to their homes in Africa. We have ambitious growth targets which will be supported by scaling up our team across both product and customer service.”
Sendsprint's launch coincides with a $2 million raise by FCA-licenced startup Zazuu, which provides a price comparison site for members of the African diaspora to sift through the best available deals.
“In 2018, I sent about $3000 back home to Nigeria. I thought I got the best deal on that transaction until about two weeks later when someone informed me I could have saved up to $30 in fees on that transaction if I had used a different provider. I was livid,” says Zazuu co-founder Korede Fanilola. “We all have experiences like this where we only discovered in hindsight that we had lost more than we should on transactions back home simply by choosing the right provider.”