Pipit Global, which is based in The Portershed in Eyre Square, has just launched a crowdfunding campaign on the Irish platform Spark Crowdfunding. The company is looking to raise €250k to fund further exponential growth in its partner network which will see the Irish start-up add another 30 countries to its global footprint.
Pipit Global is an Irish for-profit social impact FinTech, with a mission to bring down the cost of cash remittance and help migrants support their families at home in a secure and cost-effective way.
Ollie Walsh, CEO and co-founder of Pipit Global said the cost of sending money overseas is too high. “It costs an average of 9.5% to send cash from the EU to parts of Africa. Pipit is changing that. The UN have set a target to reduce the global cost of remittance to 3% by 2030 - this alone could save the migrant community more than $25 billion each year”
“Pipit disrupts the Western Union model – instead of remitting cash, migrants can visit a cash-in point where they live - and using Pipit can lodge cash into an existing bank account in their home country; pay a bill back at home; top-up an eWallet or pay for an eCommerce order to be delivered directly to their families,” he said.
Pipit Global research shows that there is $7 trillion of cash in circulation and contrary to the current perception of cash, its use is growing across the world – even in EU, US and other developed economies.
Around $75 billion is remitted in cash each year at pretty high fees. Pipit offers migrants a safer and more cost-effective way to remit this cash and support their families.
“We have built a highly scalable online platform, along with a fast-growing global partner network. With the money raised in this campaign, we want to fund our scale up and add 30 more countries to our cash-in network; along with more billers, eWallets, banking and eCommerce platforms to our merchant network.” Continues Walsh.
Irish investors interested in this opportunity qualify for a 40% tax rebate on their investment through the EIIS Scheme, which means a €1,000 investment only costs a net amount of €600.
Pipit Global is another example of the growing strength of Galway’s tech ecosystem with both local start ups and international companies building on the availability of high quality employees and support infrastructure in the city.
Full campaign details can be found at https://www.sparkcrowdfunding.com/campaign/pipit
Pipit is a secure and private online payment platform which helps customers spend cash digitally. It allows migrants living and working around the world to pay bills and transfer money overseas at a fraction of the cost and time taken by more traditional international payment providers who currently dominate the market. Described as a “social impact company”, Pipit Global have a clear and genuine mission statement when it comes to what they aim to achieve with this payment system.