African fintech Sendsprint launches in the UK to provide gift and money transfer services to three destination countries for senders, including Nigeria, Kenya and South Africa.
Sendsprint’s Send Money product aims to solve a financial problem for the African diaspora by providing a flat fee of $5 for money transfers instead of a sliding scale of other providers, with real-time transaction monitoring and service support. to the client 24/7.
The company also offers a gift service, Sendsprint Connect, which can be used to spend at more than 3,000 retailers in recipient countries. Partner retailers include Shoprite, Game, Jumia, Filmhouse Cinema, St Nicholas Hospital and Healthplus pharmacies, among others.
Founded by former Flutterwave Head of Strategy Damisi Busari and using the African fintech’s payment platform for remittances, SendSprint targets 300,000 UK customers in the first 18 months of operation. The UK launch represents the first step in the startup’s international plans, as it looks to expand into the US and Canada in the coming months.
Says Busari: “This is a product for the African diaspora, by the African diaspora. All of us at SendSprint understand the many demands Africans living abroad have. The UK launch represents a significant step for SendSprint as “We are looking to expand and connect people around the world to their homes in Africa. We have ambitious growth goals that will be supported by expanding our team across both product and customer service.”
Sendsprint’s launch coincides with a $2 million raise by FCA-licensed start-up Zazuu, which offers a price comparison site for members of the African diaspora to evaluate the best available deals.
“In 2018, I sent around $3,000 to Nigeria. I thought I got the best deal on that transaction until about two weeks later when someone informed me that I could have saved up to $30 in fees on that transaction if I had used a different provider. I was furious,” says Zazuu co-founder Korede Fanilola. “We all have experiences like this where we only find out in hindsight that we had lost more than we should have on home trades simply by choosing the right provider.”
