INSUBCONTINENT EXCLUSIVE:
Meet Sendmi, a fintech startup that is launching today in the Startup Battlefield at TechCrunch Disrupt SF
Sendmi works pretty much like a 401k or a Flexible Spending Account
But instead of saving money for later, you set it aside to send it to your family abroad.And this mix of payroll and remittance is what sets
Sendmi apart from the countless foreign exchange services out there
It could be particularly valuable for people living paycheck to paycheck as you don’t have to take money out of your bank account to send
it abroad.Sendmi wants to sell its service to companies directly
When companies choose to partner with Sendmi, they can then offer Sendmi as a perk to their employees
And there’s some form of trust between an employer and its employees.After that, employees can make a payroll election and decide the
amount of post-tax payroll that they move to their Sendmi account.And because all funds come from your paycheck directly, Sendmi reduces
exposure to money laundering mechanisms
Many services, such as TransferWise or Western Union, have to ask you where the money is coming from to make sure that it wasn’t generated
from illegal activities.You can then connect to your Sendmi account at any time from the company’s mobile app to transfer some money
Right now, Sendmi supports transfers between the U.S
and Mexico, but the startup is already working on adding support to more corridors.Sendmi has set up partnerships in the U.S
and Mexico so that your recipient receives money in just a few minutes
Eventually, the startup wants to offer additional financial services in the Sendmi app, such as insurance services, consumer lending,
etc.The company currently has 9 employees
It is officially launching its product today, but Sendmi has been testing it with a few clients already
The startup has raised $3.1 million so far.
