Eastpesa

Instant and cheap crossborder payments service
Startup name
Eastpesa
Founding date
April 2016
Incorporation
Yes
Total team member
4
Startup stage
Paying users
Category
Software
Sector
Financial & payment services
Product usage or interact
Mobile/Tablet (iOS), Mobile/Tablet (Android), API
City
Nairobi, Nairobi Province, Kenya

Elevator pitch

Eastpesa is money transfer service for instant and cheap inter Africa payments.

Team

Charles Imo

I have over 5 years experience in business development. currently I am leading user activation and growth plan strategies at Eastpesa.

Javan Owino

Business model

Target customer

Individuals and businesses sending money to and across Africa

Customer acquisition strategy

Partnerships, PR, inbound Marketing, Refferals and Social Media ADS

Revenue model

Eastpesa makes money on commissions per transaction of 3-5% commissions,1% commission on forex and 4% commission on airtime purchases. Licensing fees for white label services and processing transactions by joining global payment networks as service providers are other revenue streams we are looking at. Businesses API whitelabel services are future streams of revenue.

Market info

Market size

$ 57,000,000

Competitors

Competition

Global Fintech startups do not have a full focus on the growing inter-Africa trade that currently stands at only 18%. It’s easy for them to offer Card, Bitcoin or Apple Pay solutions predominantly in western countries but cannot compete on Mobile Money . We offer interoperability between the different mobile money networks and allow purchase of airtime across all the networks.
We differentiate ourselves by offering a product that can work even on feature phones through USSD.

Startup traction

We currently have over 5000 registered individual customers on our waiting list.
We have recently signed up a betting company to use our platform to make payouts to 3 East African countries and are at advanced stages of discussions with the third largest payment provider in Asia to process their worldwide partners payouts to and from East Africa.

Other information

Featured in Let’s Talk Payments among 38 FinTech companies in Kenya to look out for in 2017.
2016 and 2017 nominated in the African FinTech Awards
2017 Finalist of the Benzinga Fintech awards

Add comment

Our solutions are enabling thousands of people access cross border financial services instantly at lower costs than ever before. We are the pioneers of cross border real time money transfers and powering e-commerce across Africa.
We are making software, Api's and services to interlink all African Banks and Mobile Money Providers for individuals and businesses to instantly make and receive payments online and using feature phones at lower costs than traditional methods.
Our Customers are Individuals and businesses sending money across East Africa; businesses making payments to East Africa.
The founders; Charles is a talented and witty business development manager. He has 5 years experience deploying financial services across Kenya and Uganda.
Javan has for the past 5 years been a lead developer for financial systems and applications including for kenyas first digital only micro-finance savings and credit sacco and a micro-insurance startup

Publication date: 06 April 2018