Financial cross-border scale-up MasterRemit has hit yet another milestone of 250,000 customer transactions, just six months after achieving 150,000, equal to that of $83 million dollars on average.
Despite the global economic instability of the last six months, MasterRemit has continued to go from strength-to-strength, by offering low fees and exchange rates to migrants and unbanked customers.
“We’re very pleased to hit yet another major milestone for our business, just six months after we processed 150,000 financial transactions. Ultimately, it’s down to the passion we have for providing unbanked customers with access to financial assistance and connecting loved ones through a financial cross-border payments platform,” said CEO and Founder Nuradin Omar.
As brothers and Founders, Nuradin and Hashim Omar want to see the end of financial inequality worldwide, of which Australia plays a key role, being the 11th largest remittance market in the world.
“It’s been a difficult year for many people, with inflation and the rising costs of living affecting many. These factors make it even more vital that we provide a fair and transparent financial cross-border payments service to migrants, to ensure they can afford to send money to loved ones overseas,” said Nuradin.
With over 7.6 million migrants in Australia, MasterRemit are on a mission to ensure they can provide affordable options which connect people worldwide through financial payments.
“Families and loved ones need support in times of economic difficulty or global instability like we’ve seen this year, which is why it’s vital that people are able to send money at those points. However, it’s often at those times, due to price increases or global market fluctuations, that it’s the most expensive to send money, making it very difficult to provide tangible support to loved ones when they need it the most,” said Co-founder and COO Hashim Omar.
“That’s why it’s so important to us to provide a service which is affordable and transparent, whilst also connecting unbanked customers, without access to a financial institution, to the rest of the world by providing alternative ways to send money,” said Hashim.
MasterRemit has experienced incredible growth since it launched in 2019 including; a 98 percent transaction growth, revenue growth of 93.39 percent, and a customer base which has more than doubled (63 percent) in the last financial year.
MasterRemit’s transactions have also increased by 100,000 since April 2022, in just six short months, which is the largest growth period ever for the scale-up.
“Our rapid growth reflects what’s going on in the world right now and the need for services like ours which connect loved ones through financial cross-border payments, in a cost-effective manner, without any hidden fees. Financial safety and security has also never been more important, which has always been a cornerstone of our business. Our customers know they can process payments with complete ease and security, which is critical when sending money overseas,” said Hashim.
MasterRemit enables people to send money at the tap of a finger, safely and securely, across to family and friends for a low cost. It also connects unbanked individuals, who are at a financial disparity to the rest of the world, through a unified financial ecosystem which enables customers to receive payments instantly to a mobile phone or via collection at a nominated pickup point.
To date the scale-up has served over 52,000+ customers, the customers served include transacted and recipient customers.
MasterRemit is currently servicing regions like Turkey, Botswana, Egypt, VietNam, Malaysia and countless more and expanding to South East Asia. MasterRemit is expanding its team recently and will continue to build upon its operations and services alongside its growth.
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