CashEx

CashEx, founded in 2021 by Kingsley Ezeani and Scott Morgan, is a financial technology company headquartered in Boston, Massachusetts, targeting the needs of African immigrants in the United States. The company's inception was directly influenced by CEO Kingsley Ezeani's personal experiences with the difficulties and high costs of moving money from Nigeria to the U.S. when he attended graduate school. This firsthand knowledge of the financial barriers faced by immigrants shaped the company's mission.

The firm provides a digital platform that allows African migrants to open a U.S. bank account and obtain a debit card before they arrive in the country. This service is designed to address the significant hurdles immigrants often face in establishing financial services upon arrival. The platform's business model centers on facilitating currency exchange and international money transfers. A key offering is the plan for zero-fee remittances for users sending money back to their home countries in Africa, tackling the high costs typically associated with such transactions. The service also includes a multi-currency wallet, allowing users to hold and swap funds between different currencies at competitive exchange rates.

CashEx's primary product is a mobile application available on both Google Play and the Apple App Store. The app provides users with a virtual U.S. Dollar card with a spending limit of up to $10,000 per month. This card enables users to make dollar payments globally. The platform also offers a high-interest savings feature, allowing users to earn returns on their U.S. dollar savings. Security is a noted priority, with the company employing bank-grade security measures and ensuring funds are held in NDIC and FDIC-insured banks. The company has gained significant traction, including winning the grand prize at Harvard Business School's New Venture Competition in 2022 and receiving funding from Google's Black Founders Fund.

Keywords: cross-border payments, financial inclusion, immigrant banking, remittance services, fintech for Africa, digital banking, multi-currency wallet, virtual debit card, US bank account for non-residents, international money transfer, Kingsley Ezeani, Scott Morgan, Harvard New Venture Competition, Google Black Founders Fund, African diaspora finance, zero-fee remittance, currency exchange, mobile banking app, financial services for migrants, savings for immigrants