Remitee

About Remitee

Remitee operates a digital platform focused on cross-border payments, providing infrastructure for banks, e-wallets, and other payment companies. The company was founded in 2017 by Sergio Saravia, Nicolás Zamudio, and Eduardo Hamel. The concept originated a couple of years earlier while Saravia and Hamel were students at the MIT Sloan School of Management, where the venture was later incubated. Saravia's personal history as the son of Bolivian immigrants in Argentina, where he observed his father's difficulties in sending money home, directly influenced the company's mission. His professional background includes over 12 years at Western Union, where he identified inefficiencies in the remittance industry.

The company's business model is diversified, incorporating Business-to-Business-to-Consumer (B2B2C), Consumer-to-Consumer (C2C), and a white-label Software-as-a-Service (SaaS) offering. Initially launched as a C2C platform in Argentina and Chile, Remitee enabled expatriates to send money and pay for services for their families. This service allows migrants to make direct payments for utilities, mobile top-ups, and gift cards. The company has since expanded its focus to a B2B2C model, partnering with financial institutions and money transfer operators to broaden its reach across Latin America, the United States, and Europe. For its clients, Remitee provides the regulatory and technological infrastructure for international payments, including compliance processes like KYC and AML.

Revenue is generated through three primary streams: a fixed fee charged to the sender for each transaction, a spread on the foreign exchange rate, and rebates from service companies for bill payments made through the platform. These rebates typically range from 5% to 10%. The platform is designed to serve both banked and unbanked migrant populations, offering payment collection options such as cash, bank account deposits, or e-wallets. After its initial pre-seed funding from the MIT Sandbox Innovation Funds Program, Remitee has progressed through several funding rounds, including a Seed round in 2021 and a Series A in 2022.