BlueKite

About BlueKite

BlueKite operates as a financial technology firm specializing in cross-border bill payments and remittances. The company's core business revolves around a web-based platform that enables users, particularly immigrants in the U.S., to directly pay for recurring services for their families in other countries. These services include essential utilities such as electricity, water, gas, and telecommunications like internet, cable, and mobile phone bills. The business model is centered on providing a secure and reliable alternative to traditional cash remittances, focusing on bill-directed payments.

The company’s proprietary technology integrates directly with the accounting systems of service providers globally. This integration facilitates real-time balance inquiries and immediate payment processing, ensuring transactions are accurate and guaranteed. BlueKite primarily serves its customers through a network of affiliated money service stores, offering them a state-of-the-art, web-based platform to process these cross-border payments. The platform is designed to be a complementary service to cash remittances, allowing for greater control and specificity in how financial support is allocated by ensuring funds are used for their intended purposes.

Founded in 1998 by Jose Vargas, the Miami-based company has a history of venture funding, securing a total of $37.5 million over several rounds, including a notable Series C round in 2013. A significant milestone in BlueKite's history was its acquisition in February 2014 by Xoom Corporation, a leading digital money transfer provider, for approximately $15 million in cash and equity. This acquisition was a strategic move for Xoom to expand its service offerings beyond money transfers into the adjacent markets of international bill payments and mobile top-ups, leveraging BlueKite's established technology platform and development team based in Guatemala City. Following the acquisition, BlueKite's CEO at the time, Bobby Aitkenhead, took on a vice president role at Xoom to lead the newly formed Xoom Bill Pay and Xoom Top Up services.