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For Workers And Families Abroad, PayKii Simplifies International Payments

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For Workers And Families Abroad, PayKii Simplifies International Payments

The Benzinga Global Fintech Awards are a yearly showcase of the best and brightest in fintech. In preparation for its biggest installment yet in May 2018, we're profiling the companies competing for the BZ Awards.

Our next feature is on PayKii.

Benzinga: What does your company do? What unique problem does it solve?

PayKii: PayKii enables individuals living abroad to pay expenses for their family back home by connecting remittance providers with billers around the world.

PayKii offers international money transfer firms access to a global platform that enables their customers to pay expenses in multiple sectors - utilities, health care, education, insurance, etc. — back home

Our value proposition addresses challenges faced by three different segments:

  1. Money Transfer Operators: Sending cash is a highly-commoditized offering based on a transactional relationship with the customer who in turn use multiple money transfer firms resulting in high churn
  2. Senders: Face pressure to send money home without visibility into how or where funds are spent
  3. Beneficiaries: Over 80 percent walk-in bill pay in developing markets means lost productivity and incremental costs for people to pay their bills on time

Benzinga: Who are your customers?

PayKii: Financial Institutions, Remittance providers, Wallets

Benzinga: How long have you been in business?

PayKii: Since February 2015.

Benzinga: Where are you located?

PayKii: We have two offices. Our headquarters is located in Arlington, VA, and we have a second location in Nuevo León, Mexico

Benzinga: Who is your company's leadership? What kind of experience do they have?

PayKii: Our management team brings more than 35 years of experience in global payments and financial inclusion combined with an entrepreneurial track record of success in both developed and emerging markets as well as complementary skill-sets in sales, marketing, technology, operations, finance, and legal.

Two of the founders – Fabian and Nelson – have experienced first-hand the complexities associated with trying to pay a simple utility bill in many local developing markets having directly managed domestic bill payment networks in Mexico and Peru, respectively.  They’ve also witnessed the challenges associated with an immigrant attempting to manage their global financial household (i.e., resident country and home country) and the lack of visibility as well as control one has when sending money back home.

Benzinga: Who are your investors, if any?

PayKii: VC’s investing in fintech such as Village Capital, Assembly Capital, Alta Ventures and private investors (currently closing closing Seed round)

Benzinga: Is there anything else Benzinga should know about your company?

PayKii: Today PayKii can process cross border bill payment services for 13 markets more than 600 billers – Mexico, India, El Salvador, Colombia, Pakistan, Indonesia, Philippines, Vietnam, Indonesia, Ecuador, Dominican Republic, Nicaragua and Costa Rica. We have signed agreements that will allow us to expand our network coverage to 24+ markets by the end of 2018, including 8 additional countries in Africa, 2 in Latin America and 1 countries in Asia.

Our platform currently processes over 100k thousand monthly balance inquire and bill payment transactions

To check out companies like DebtBench for yourself, grab a ticket to the Benzinga Global Fintech Awards May 15-16 in New York.

 

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