SureRemit has announced it raised $7m on the initial coin offering market ( ICO). Using a digital voucher platform and network of local merchants across African and other emerging markets , the firm said it offered a non-cash alternative for sending money to family and friends at home.
Stating the importance of SureRemit to household the statement reads
“ Whether funds are used for utility bills , medical treatment , or groceries , SureRemit ensures that sending a few hundred dollars to family is no longer subjected to fees of 7 .45 percent which is the global average.”
Using Blockchain , SureRemit can bypass the traditional banking system and connect customers directly to local merchants , who pay a small commission fee on each transaction.
Corroborating this statement a member of the investment team at GreenHouse Capital, Kelechi Nwokocha , was quoted as saying
“ The implications of growth capital outside of equity financing is huge. It means SureRemit can scale its operations without additional capital from existing shareholders.”
“ This development builds on GreenHouse Capital’s focus on identifying new ways for Blockchain and Cryptocurrency to transform the African markets.”
“In collaboration with current and prospective portfolio companies and public institutions, GreenHouse Capital plans to harness Blockchain technology to accelerate Africa’s growth via the ICO market.”
SureRemit is a non -cash remittance platform majority owned by Nigeria based Fintech holding company. GreenHouse Capital which uses blockchain technology to help immigrants earmark and send funds home.
Several prominent cryptocurrency investors including Hashed, South Korea’s largest cryptocurrency fund participated in the round. Hashed had previously backed several notable blockchain and blockchain-enabled projects including Airswap, Ethereum, and Simple Token.
This is a boost to the growing interest in the potential of cryptocurrency to further alleviate remittance challenges in emerging markets where recipients remain largely disconnected from financial markets.
Sure Remit also gives the sender visibility and control over what the remittances can be put towards by specifying. Digital vouchers from specific local merchants can be purchased and settled instantly on the SureRemit platform.