Pesa Launches Cost Competitive and Convenient Remittance Services To India

Pesa, a Canadian cross border financial services provider, announced today its expansion into India following impressive results serving the West African diaspora (Nigeria, Ghana, Cameroon).

After achieving $2 million in revenue (and profitability) in its first year, the Toronto-based company is doubling down on the even larger India remittance corridor, which receives flows of over $100 billion annually.

Anyone in Canada can access Pesa’s new India remittance service by signing up or downloading the app via the company’s website. Approval takes only a few minutes, owing to Pesa’s efficient compliance technology.

To support its India expansion, Pesa will hire local payment experts and open an office in India this year.

Founded in 2022 by immigrants, Tolu Osho and Yusuf Yakub, Pesa has rapidly grown to transaction volumes in the hundreds of millions of dollars. The founders bring industry experience in financial services from stints working with global leaders such Interswitch, Coinbase, and Interac.

Since launching Pesa, Osho and Yakub have led the venture to scale tens of thousands of monthly users. They’ve achieved this by providing seamless services, better commissions, and more competitive money transfer fees (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.

"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.

"We cannot be all things to all people, and we know large players exist. However, we concentrate on strong communities, like the Indian and Nigerian diaspora, where we can provide an unmatched experience at affordable rates. Our high customer retention is a testament to our differentiated product. We are excited to now make our affordable, fast, and secure remittance services available to the Canadian-Indian diaspora,” said Osho.

About Pesa

Pesa is a Canadian remittance fintech company on a mission to help immigrants succeed by providing affordable money transfer services to send funds back home. Founded by immigrants, Pesa leverages digital remittance rails and micro-pricing to dramatically undercut fees of traditional money transfer firms. The company is headquartered in Toronto.

Pesa is backed by Fast Forward Venture Studio and several leading financial service providers.

For more information, visit pesa.co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240411661023/en/