Pesa, a Canadian fintech, announces its expansion into Europe. The company offers free and instant money transfers to 36 SEPA countries. Since its 2022 launch, the company has surpassed 1 million transactions and achieved profitability.
Pesa, a Canadian cross-border financial service provider, announced its expansion into Europe. The Toronto based startup will now offer its free and convenient money transfer services to businesses and individuals in all 36 countries of the Single Euro Payments Area (SEPA).
This follows Pesa’s recent India launch and impressive results serving the West African diaspora (Nigeria, Ghana, Cameroon).
With the expansion of Europe, Pesa will extend its full platform offering to enable immigrants and small businesses to conduct seamless and free cross-border transactions within Europe using Euros. This includes real-time transactions, currency exchange, and multi-currency wallets.
Pesa has also announced milestones in transactional volumes and profitability in tandem with its European expansion. The remittance provider—founded in 2022 by immigrants Tolu Osho, Yusuf Yakubu, and Adewale Afolabi—has surpassed one million transactions with a total transaction value of over $380 million since inception.
The company also confirms it is profitable, generating revenues above expenses for a second year. Pesa has achieved these milestones by cultivating its business model and platform innovation to serve the customer experience.
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These are some of Pesa’s core attributes in each category:
Business Model
- Customer-Centric Product Design – No fee structure for all transactions, real exchange rates, and product creation tailored to customer needs.
- Scalable Partnerships – Strategic alliances with financial services to facilitate smoother integrations and wider service availability.
Technology Platform
- App Design – Advanced methods for real-time currency conversion, risk assessment, and fraud detection, significantly enhancing transaction speed and security.
- User Experience – A highly responsive and user-friendly app interface, which integrates all services seamlessly and offers personalized for each user.
Anyone in Canada can access Pesa’s Europe, Africa, and Asia remittance services by signing up or downloading the app via the company’s website. Owing to Pesa’s efficient compliance technology, approval takes only a few minutes.
Since its founding in 2022, Pesa has rapidly grown to transaction volumes in the hundreds of millions of dollars. Founders Osho and Yakub have led the venture to scale tens of thousands of monthly users. Both bring industry experience in financial services from stints working with global leaders such as Interswitch, Coinbase, and Interac.
Since launching Pesa, they’ve achieved this by providing seamless services, better commissions, and more competitive money transfer terms (than competitors) to immigrants sending money to family and friends back home.
The company’s micro-pricing model and digital remittance rails have made it a hit, especially among younger, tech-savvy members of the African and Asian diasporas.
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“Building a competitive remittance company is no small feat, but our relentless focus on the customer experience and compliance has allowed us to gain traction,” said Tolu Osho, CEO and co-founder of Pesa, who is licensed by FINTRAC – the national financial intelligence agency of Canada.
“The expansion into Europe is driven by a strategic plan to tap into a large and financially active market, offering Pesa’s tailored transactional solutions to a new audience seeking secure, easy and convenient transactions with no fees,” said Pesa Founder Yusuf Yakubu.
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