TawiPay, a money transfer search engine providing transparent information to migrants and expatriates around the world on the best services for their needs, announced today the closing of its first external funding round.
The Swiss startup has raised US$ 420,000 (CHF 400,000) to fuel its growth across Europe and accelerate product development, deepening its partnerships within the money transfer industry.
In addition to lead investor MKS Alternative Investments, other backers include former Western Union Payment Services (UK) CEO and remittances and payments industry expert A J Hanna, bestselling author, entrepreneur and inventor of the Business Model Canvas Alexander Osterwalder, serial entrepreneur and fintech investor (Zong) Stéphane Pictet, and other strategic angel investors with strong experiences in financial technology (Banque Pictet & Cie SA, Paypal, E*Trade).
"We are thrilled to welcome on board so many brilliant minds sharing our vision for the international money transfer industry," says François Briod, TawiPay CEO and co-founder. "Our mission is to help migrants save $28 billion per year on fees and hidden costs. Great services enabling these savings are already out there, migrants just need a way to find the right ones for their individual needs."
TawiPay provides migrants with the clear and complete information they need on the availability, price (including all hidden costs) and speed of money transfer services. The site compares over 440 money transfer operators and banks across 280 corridors, is available in 10 different languages and has already attracted over 120’000 users. The company recently partnered with the migrant community website Migreat.com as well as the International Organization for Migration, the leading inter-governmental organization in the field of migration.
Laurent Haug, partner at MKS Alternative Investments, will join the company’s board of directors. "TawiPay has a clear vision, a huge potential market and offers an essential service that will simplify the lives of hundreds of millions of people around the world", says Haug.