Financial remittance start-up MasterRemit has hit milestones today of 150,000 customer transactions equal to $50 million dollars all at the same time.
The fintech, which provides low fees and exchange rates to migrants and unbanked customers around the globe, has grown exponentially since its inception in 2019.
With 7.6 million migrants in Australia, there is a strong need for remittance companies like MasterRemit, that provide affordable options to send money and work towards financial equality on a global scale.
Founded by brothers Nuradin and Hashim Omar, MasterRemit is a key player in the Australian remittance market, which is the 11th largest in the world.
“This country is the fourth most expensive in the world to send remittance from, and that’s something Hashim and I have been passionately trying to change with MasterRemit for three years, in order to achieve financial equality globally, ” said CEO and Founder Nuradin Omar.
“We’re truly pleased to have achieved this milestone, as it’s reflective of the hard work we’ve put into the business. Providing lower fees and costs for individuals sending money is imperative for us, so loved ones can assist one another when they need it the most. Likewise, our services help us connect unbanked customers, who do not have access to a financial institution, to the rest of the world by providing alternative ways to send money,” said COO and Co-Founder Hashim Omar.
The scale-up has experienced staggering growth figures since it began including; a 423 percent transaction growth, revenue growth of 364 percent and a customer base which has more than doubled (124 percent) in the last financial year FY2021
MasterRemit’s transactions also grew by approximately 20,000 since January 2022, and was followed by the biggest ever growth month in March 2022 which saw a 27% percent increase in transactions.
“Our growth figures represent the strong need for transparent and fair remittance services, where individuals can send money to their loved ones without exorbitant fees and costs. Likewise, financial safety and transparency has been instrumental in building our business, so customers can send money to their loved ones with ease,” said Nuradin.
MasterRemit connects unbanked people to the wider world in a unified financial ecosystem by allowing 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 3,000+ customers and continues to expand its services to other geographical locations, alongside its growth.