One of the most interesting aspects of conferences like Web Summit is the handful of startups that manage to win an award during the event. This “vote of confidence” can be the start of a great future for these new companies. One of those companies is Remittio, a global encrypted banking alternative founded by Michael Taggart and Mark Lyford.
Bringing Financial Services To The Underbanked
It is no secret how the unbanked and underbanked regions of the world are a breeding ground for new and innovative technologies, especially as far as the financial sector is concerned. Providing such services is one thing but making them affordable and reliable is a whole different ball game. In fact, banking alternatives might be the way forward in these regions.
There is a simple reason banks are not too keen on providing financial services to underbanked and unbanked nations of the world. The costs far outweigh the benefits and setting up the necessary infrastructure, combined with recruiting staff, will only increase the costs while bringing no profit to the table.
Remittio aims to tackle this hurdle in a different manner, by providing financial services without using the traditional banking approach. A global encrypted mobile payment and storage application, providing secure, convenient and instant transactions, will be far more beneficial to people in these underbanked regions.
Such an offer may sound too good to be true as various corporate-run industries can promise exactly the same thing. But there is one difference between them and Remittio, with the latter option having no hidden fees! Additionally, Remittio will treat both the customer and their wealth with the value and respect they deserve.
Using blockchain technology will play an integral role in this process and help simplify transaction methods. Furthermore, Remittio users will not be forced to adhere to traditional banking requirements, even though certain levels of Know-Your-Customer procedures will be applicable.
Offering this service is not something Remittio could do on their own which is why the company has partnered with powerful players in the FinTech industry. This approach serves a multitude of purposes and brings a fresh set of eyes to the Remittio business plan as well, which may prove to be invaluable in the long run.
Winning An Angel’s Choice Award At Web Summit 2015
Web Summit is a great conference for startups from all over the world to pitch their ideas to investors. During the 2015 Web Summit conference in Dublin, a total of 2,141 startups exhibited, most of which took part in the various startup pitching competitions. On day 2 of this event, Remittio was chosen as one of the ten companies to win an Angel’s Choice Award.
The Angel’s Choice Award was newly introduced this year and being one of the select few winners of this award brings a level of great prestige to Remittio. So many ideas are floating around in the world of technology and finance and it’s hard to make a company stand out among the masses. Remittio did exactly that, though, by winning an Angel’s Choice Award at Web Summit 2015.
Source: Web Summit Blog
Images courtesy of Remittio, Web Summit, Shutterstock