Sendmi

The service integrates with an employer's existing payroll system, functioning as a global flex pay solution. Through the Sendmi mobile app, employees can convert part of their paycheck and direct the funds to a digital wallet. From this wallet, they can execute international money transfers, pay bills across borders, and top-up mobile phones for family and relatives abroad. The platform facilitates fund delivery to bank accounts or cash-out at thousands of ATM locations. Sendmi's business model aims to reduce the cost and complexity of remittances by embedding the service within the payroll process, which also helps financial institutions with regulatory compliance by bringing previously informal fund flows into the formal financial system. The company generates revenue by charging a small upfront fee and a percentage on foreign exchange transactions, with a long-term strategy to drive transfer costs to zero and monetize through value-added services like insurance and lending.

Sendmi's initial market focus was the U.S. to Mexico corridor. To enable this, the company established API connections with the Central Bank of Mexico and gained access to a Fed line in the United States, effectively acting as a bridge between the two disconnected financial systems. The company has raised a total of $4.9 million in funding, including a seed round in 2019 with investors such as FIS, Village Capital, and Atua Ventures.