Fintech Startup Remittio Bringing Digital Remittance to the Underbanked
Fintech startup Remittio is a digital payment remittance product that runs on Blockchain Technology. They seek to bring affordable digital payment remittance to individuals who do not have access to traditional banking methods in countries throughout the world. Recently they attended the Dublin Web Summit, where they presented in the Alpha category for new emerging Fintech startups. While there, they made quite an impression on investors and attendees, taking home the Angel’s Choice Award. This award was presented to companies the panelists think have exceptional potential in 2016. Below is our interview with Michael Taggart, Co-Founder of Remittio:
Q: Michael, what is your startup story? Tell us something more about Remittio?
A: After working for a few years in the blockchain and bitcoin world, I realized that mass adoption was going to take more than an hope and a dream that the majority would understand it’s value. After visiting Hong Kong, and seeing all of the people lined up around city blocks sending money home via Western Union, I decided that I would need to help usher the era of mass adoption, if it was going to happen.
Q: What was the inspiration behind building Remittio?
A: The inspiration behind building the Remittio application came from our work with companies in the blockchain industry, namely BitShares and Cryptonomex. Ever since I became an enthusiast of of blockchain technology with my introduction to Bitcoin, and as a marketing consultant for BitShares, I realized very early on the strength and scope of the technology.
When thinking about application development for the industrial grade blockchain we developed at BitShares, and how I could leverage the technology to create a more level economic playing field for those that live in countries that do not have essential banking services, as well as help those that are being preyed upon by the money services industry, which charges the poor and un(der)banked exorbitant fees.
Q: What were the main challenges you faced in developing the company?
A: Adoption is always a challenge, regulation in this particular industry is also very murky, if any regulation exists at all. Different jurisdictions will also have different views on this type of technology, which makes it a bit more tricky. The hard part is getting all of the pieces in place and staying compliant with any current regulation, if any, all while trying to anticipate future regulation and how to stay ahead of it.
Q: What are your plans for the first half of 2016?
A: Our plans are to complete the easily consumable UI, and work on gaining a user base. We are also seeking investment funding to hire more developers, and legal advisors for regulatory reasons. Another major focus is partnerships with companies that share our vision of financial inclusion and innovation.
Q: What’s the best thing about Remittio that people might not know about?
A: We helped create an entirely new and independent financial storage and transmission network, not linked to any existing networks like SWIFT, etc. This allows us to transact at much lower fees than any competitor, as well as tout the lack of any counterparty risk for our users. This is revolutionary, even in this fast moving industry.
Angels’ Choice Award: Wednesday’s picks
2,141 startups will exhibit at Web Summit over three days. These 2,141 startups come from all over the world and span 17 verticals and multiple industry areas.
Over 1,000 investors have also arrived in Dublin, looking for their next great investments across the multitude of industries, sectors, stages and geographies.
Web Summit hosts a number of different startup pitching competitions where startups battle it out to be crowned the best startup of 2015, or win the Spark of Genius award.
This year, we’ve introduced the Angels’ Choice Award.
Every day at Web Summit a panel of investors are exploring the venue meeting with exhibiting startups at their booths. These investors then score each early stage startup on a number of different categories, looking to discover companies they think to have exceptional potential for 2016.
The panel are concentrating on finding startups they’re particularly excited about and rate each on the product, business model, potential to disrupt, team and pitch.
Let’s take a look at the ten startups chosen by the panel as the Angels’ Choice Award winners of Day 2…
Our congratulations to all of the above for their recognition by our panel today.
We encourage all attendees to get out on the exhibition floor spending time getting to see the huge variety of interesting technology on display by all of our exhibiting startups. Many of these early companies will grow to be very successful in the coming years, and we’re delighted to help them on that journey.
Remittio Wins Angel’s Choice Award At Web Summit 2015
One of the most interesting aspects of conferences like Web Summit is the handful of startups that manage to win an award during the event. This “vote of confidence” can be the start of a great future for these new companies. One of those companies is Remittio, a global encrypted banking alternative founded by Michael Taggart.
Bringing Financial Services To The Underbanked
It is no secret how the unbanked and underbanked regions of the world are a breeding ground for new and innovative technologies, especially as far as the financial sector is concerned. Providing such services is one thing but making them affordable and reliable is a whole different ball game. In fact, banking alternatives might be the way forward in these regions.
There is a simple reason banks are not too keen on providing financial services to underbanked and unbanked nations of the world. The costs far outweigh the benefits and setting up the necessary infrastructure, combined with recruiting staff, will only increase the costs while bringing no profit to the table.
Remittio aims to tackle this hurdle in a different manner, by providing financial services without using the traditional banking approach. A global encrypted mobile payment and storage application, providing secure, convenient and instant transactions, will be far more beneficial to people in these underbanked regions.
Such an offer may sound too good to be true as various corporate-run industries can promise exactly the same thing. But there is one difference between them and Remittio, with the latter option having no hidden fees! Additionally, Remittio will treat both the customer and their wealth with the value and respect they deserve.
Using blockchain technology will play an integral role in this process and help simplify transaction methods. Furthermore, Remittio users will not be forced to adhere to traditional banking requirements, even though certain levels of Know-Your-Customer procedures will be applicable.
Offering this service is not something Remittio could do on their own which is why the company has partnered with powerful players in the FinTech industry. This approach serves a multitude of purposes and brings a fresh set of eyes to the Remittio business plan as well, which may prove to be invaluable in the long run.
Winning An Angel’s Choice Award At Web Summit 2015
Web Summit is a great conference for startups from all over the world to pitch their ideas to investors. During the 2015 Web Summit conference in Dublin, a total of 2,141 startups exhibited, most of which took part in the various startup pitching competitions. On day 2 of this event, Remittio was chosen as one of the ten companies to win an Angel’s Choice Award.
The Angel’s Choice Award was newly introduced this year and being one of the select few winners of this award brings a level of great prestige to Remittio. So many ideas are floating around in the world of technology and finance and it’s hard to make a company stand out among the masses. Remittio did exactly that, though, by winning an Angel’s Choice Award at Web Summit 2015.
Remittio Receives The Angel’s Choice Award At The Web Summit
DUBLIN, IRELAND / ACCESSWIRE / November 23, 2015 / Remittio had the opportunity to attend the Web Summit as an Alpha startup. The Web Summit is one of the world’s most influential and international tech events. Over a 3 day period, there were over 2,141 startups and around 1000 investors in attendance from all across the globe. Angel investors explored the venue looking for startups with the most potential for this coming year. A special panel of investors selected 30 startup companies out of the 2,141 that were in attendance; Remittio included.
The Angel’s choice award was introduced for the first time at this year’s Web Summit. The panel of investors selected winners based on the product, business model, potential to disrupt, team, and pitch.
“The Web Summit and this award has increased our level of motivation and persistence even further regarding Remittio and its success. We are grateful for the recognition and cannot wait to attend the conference next year using the knowledge we gained from this experience in Dublin,” said co-founder of Remittio, Michael Taggart.
2.5 billion people still lack access to financial services. 1.91 billion people own smartphones. Growth in global remittances are expected to reach $610 billion in 2016 according to the World Bank.
Taggart stated, “It is a priority to no longer exclude those unable to posses a bank account from the financial sector. We want those who lack access to formal financial services to feel that their money is safe and protected.”
Remittio is set to initially launch in the Caribbean in this upcoming year. Subscribe on their website to be the first to know all things Remittio.