We have found a solution to a problem that most Swedish people haven’t even heard about, although it’s experienced by millions of people. Our technology makes instant transfer to mobile wallets possible at the markets’ best rate.
TransferGalaxy is an instant, cash-free mobile money transfer service, enabling customers to send money to loved ones from a smartphone, tablet or computer. The recipients receive the money instantly in their mobile wallets at much better rates than currently offered. The team has developed a fully digital, cashless solution in a traditional, slow-to-change segment, a sort of Swish for international payments.
Yosef, Ali, Khalid, Mustafa and Abdirahman join forces to create TransferGalaxy. Born in Vivalla, Örebro, with ancestry in Somalia, they have come up with a solution for a problem regularly encountered by millions of migrants across Europe.
They serve their customers with compassion and empathy, communicating in many languages, truly personalizing their digital offering.
BackingMinds came across TransferGalaxy in April 2016, when we were researching emerging markets within the Swedish borders. We identified the remittance market as having incredible potential, making a total of $608 billion worldwide in 2015, with immense continued growth due to the increase of global migration. Migrants continue to send money to relatives back home, often on a regular monthly basis. While classic money transfer business models rely on agents and physical branches, TransferGalaxy has shaped a digitalized solution that is smarter, faster and cheaper than the existing players. Additionally, due to monthly payments, the service almost becomes like a subscription model, providing negative churn and driving high customer loyalty. With an excellence in peer2peer marketing in subgroups, we believe the team is perfectly fit for exponential growth.