The Remittance Market is Huge, But Inefficient
Traditional money transfer services are painfully old school, requiring both senders and receivers to come in-person.
The global remittance market is enormous ($600 billion being transferred globally) but the technology to support this market hasn't evolved. Migrant workers still have to wait in long lines at brick-and-mortar locations and pay expensive fees. Meanwhile, the recipients back home (often elderly family members) have to trek into the city and carry potentially thousands of dollars in their pocket. It's slow, expensive, and unsafe.
# Of Immigrants (Our Target Market)
Remittances Sent Annually, Global
Estimated Annual Remmitance Fees Paid
The Problem With Traditional Methods
- Requires sender to visit brick-and-mortar wait in long lines
- Recipient has to find transportation into the city and carry large amounts of cash on their person
- Fees are expensive, making it only cost-effective to send larger amounts of money in fewer transactions
The Solution: Combining SWIFT & Blockchain
Proprietary Currency Router technology enables us to efficiently transfer money using either Blockchain OR traditional SWIFT banking rails.
We're the first and only remittance solution that uses both SWIFT and Blockchain technology to safely, and quickly, transfer money. With both options available, we're able to automatically distinguish what the best payment option is and help customers send remittances back home affordably.
We've Partnered With
This is the traditional means of sending remittances. It's the more expensive and also slower and less convenient.
Newer platforms using Blockchain technology help transfer money faster. However, these options are often more complicated and can be hard to liquidate.
Our App Makes Sending As Little as $25 Easy
Low income migrant workers can't afford to send thousands of dollars at once. That's why we make it easy and affordable for them to send micro remittances frequently.
ZipZap combines international money transfer technology with a burgeoning social platform. Think of it as Venmo, but for global micro remittances. That means that when you can send money as needed and as available. $50 this week, $75 the next.
Keep Track of All Transactions in One Place
Multiple Options: Bank Transfer, Cash Pickup & Door to Door Delivery
Easily Add and Edit Recipients for Transfers
Already Active in Some of the Largest Remittance Countries
Users can currently send remittances from Canada to China, India, and the Philippines.
Because of speed to market, we started by initiating remittances from Canada, with plans to expand to even larger remittance markets such as the U.S. and the UK later this year. But we already have bank connections and activity in three of the largest remittance-receiving countries of the world.
Remittances Sent to India, 2015
India was the world's largest recipient of remittances in 2015.
Remittances Sent to China, 2015
China was the world's second largest recipient of remittances in 2015.
Remittances Sent to the Philippines, 2015
The Philippines was the world's third largest recipient of remittances in 2015.
Target Markets for Expansion in 2017
Estimated Remittances Sent From the U.S., 2015
Estimated Remittances Sent From the UK, 2015
How We Make Money
We've created a unique monthly subscription service that makes it both more affordable for low income migrant workers and easier for us to monetize.
For low income migrant workers, sending thousands of dollars once a month is not a feasible option. They'd much rather have the freedom to send as many money transfers back home as possible. That's why we've created a monthly subscription model. For a monthly fee of $25, users can transfer unlimited numbers of remittances with however much they can afford to send.
FX fee on currency conversion
Transfer Fee per Remittance
Monthly Membership Fee
Our Journey So Far
We started by building crucial banking relations and initiating remittances from Canada. The next steps for growth are straightforward: to expand our market to the larger remittance countries such as the UK an the U.S.
ZipZap Launches with Seed Round
Raised $1.075 million to initiate product and software development
Partnership with Moneygram
Added 37K cash payment networks such as WalMart, CVS, etc.
Developed Currency Router (SWIFT / Blockchain)
We become the world's first and only hybrid currency router provides significant cost benefits over competitors.
Mobile, Android, and Web App All Launched
ZipZap becomes available to migrant workers through their smartphones and desktop computers.
Predicted Launch in U.K.
Users can then send remmitances from The United Kingdom to China, India and The Philippines.
HELP US IMPROVE LIVES
As an immigrant from Iran, who left the country just prior to the 1979 revolution, I have seen firsthand the difficulties facing immigrants sending money home to their loved ones.
However, I did not realize how much more difficult and expensive it was for low-skilled migrant worker that typically hold down 2 or 3 jobs (usually at minimum wage) to send money home. The problem was universal across the world but even worse in poorer countries where the remittance fees spiked from a typical 8% to 20-25%!
World Bank reports that even a 1% drop in fees could create millions of jobs and add to the Gross Domestic Product (GDP) of these developing countries. This would have a ripple effect of enhancing quality of life, healthcare, education, clean water and food for millions of people.
I thought something had to be done to help low skilled immigrants that are already at the bottom of economic scale, keep more of their hard earned cash while making a positive social impact worldwide.
I travelled the world for a couple of years and spoke frequently at conferences about the unfair remittance prices, sharing stats from World Bank and World Health Organization that even a 1% drop in fees could create millions of jobs and add to the Gross Domestic Product (GDP) of these developing countries which would have a ripple effect of enhancing quality of life, healthcare, education, clean water and food for millions of people.
The response from the community was unbelievable and led us to refocus our goal and mission for ZipZap to help build a simpler and less costly remittance solution for the millions of migrant workers worldwide.
I am proud of my team at ZipZap and very excited about the apps that we have created which use a hybrid technology to reduce costs yet are very simple and user friendly.
I would like to ask you to join us in this journey by making an investment in ZipZap to help us build the the largest, most trusted and respected remittance company with a mission to enhance the lives of millions of people worldwide.
ZipZap, Founder & CEO