SendSprint, a fintech startup, has launched its money transfer platform in the UK to help Africans in the country send money back home for a flat fee of $5 on all transfers.
Launched on Wednesday with a promise of fast, simple, and hassle-free international money transfers, SendSprint put the charge on its remittance service at a flat rate of $5, a unique selling point that will give it an advantage over banks and other services that charge higher rates or sliding scale fees.
It will start with three initial destination countries – Kenya, Nigeria and South Africa – targeting 300,000 of the estimated 1.7 million Africans in the UK in the first 18 months and expand from there into the US and Canada.
Damisi Busari, CEO and founder, SendSprint.
“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,” said Damisi Busari, CEO and founder, SendSprint.
“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. Our service recognises and reflects this,” said Busari.
SendSprint, incorporated in April with its international headquarters in the UK and offices in the US and Nigeria, said it has applied for “the necessary licensing through a regulated entity”.
The startup is partnering with Flutterwave, a payments technology company, to provide the infrastructure for the service. Flutterwave already supports cross-border transfers to 34 of Africa’s 54 countries and the partnership will help SendSprint quickly comply with regulations in its countries of operation.
The platform also provides a gift card service, Sprint Connect, which works through partnerships with over 3,000 retailers in recipient countries, including Shoprite, Jumia, hospitals and pharmacies.
“We have ambitious growth targets which will be supported by scaling up our team across both product and customer service,” said Busari, a former executive at Flutterwave.
