Masterremit

MasterRemit, a Melbourne-based financial technology company, was established in 2016 to address challenges in the cross-border remittance market. The company's inception was driven by the personal experiences of its founders, Somali migrant brothers Nuradin and Hashim Omar. After witnessing their own family's struggles with the high costs and slow speeds of sending emergency funds overseas from Australia, they were motivated to create a more efficient solution. Nuradin Omar serves as the CEO, leveraging his background in both corporate and government sectors to navigate the fintech landscape, while Hashim Omar is the COO.

The firm operates as a peer-to-peer money transfer platform, targeting migrants in Australia who need to send money to their home countries. A key focus is serving the "unbanked"—individuals in developing nations without access to traditional financial institutions. MasterRemit's business model generates revenue through a combination of transaction fees and a small margin on the mid-market exchange rate. The company emphasizes transparency by displaying all fees and exchange rates upfront before a transaction is completed. In June 2022, MasterRemit secured an undisclosed amount in a Seed funding round from investors including Scalare Partners and Allectus Capital to fuel its growth.

MasterRemit's service is delivered through its website and a mobile application available for both iOS and Android devices. The platform facilitates international money transfers from Australia to a variety of countries, with a focus on the Middle East, Africa, South Asia, and Southeast Asia. Customers can fund their transfers using several payment methods, including debit/credit cards (Visa and Mastercard), online banking via POLi, or a direct bank transfer. Recipients have multiple options for accessing the funds: direct deposit into a bank account, cash pickup at a designated agent location, or transfer to a mobile money wallet. The platform is designed for real-time transaction processing, allowing funds to be available within minutes. Security is a core component of the service, which employs SSL encryption, two-factor authentication, and complies with regulations set by the Australian Securities and Investments Commission (ASIC) and AUSTRAC.

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