Learn from our community entrepreneurs! In this interview, Yogi Yoganathan shares the story of building and growingRemitbee Inc, located in Mississauga , Ontario , Canada
Hi! Tell us about your business and what problem are you solving?
Remitbee is revolutionizing the cross-border money transfer landscape. We've recognized that the existing remittance ecosystem is in need of a game-changing solution. After years of growth and research, we've determined that decentralization is the key. By decentralizing liquidity, we can transform the industry, eliminating the need for traditional "money transfer" companies and paving the way for efficient, cost-effective transactions.
At Remitbee, our mission is to simplify and reduce the cost of cross-border money transfers for both individuals and businesses. Unlike banks and other money transfer operators, we've eliminated the burdensome currency exchange and transfer fees that often weigh down businesses in Canada. With our user-friendly web and mobile app, customers can effortlessly make international payments from their Canadian bank accounts.
What's your backstory and how did you come up with the idea?
The remittance market was dominated by traditional agent-based companies like Banks, Western Union, and MoneyGram. Customers had to visit retail locations and wait in line to send money.
Transitioning from a brick and mortar background (parent company) to the fintech industry was eye-opening. The concept of online transactions without physical interaction seemed mind-boggling. We saw the inefficiencies in the traditional remittance channels and decided to disrupt the status quo.
Without relying on cryptocurrencies, we embarked on a journey to revolutionize remittance. Our goal was to provide a better, more efficient solution using technology and innovation. This was the driving force behind our mission to transform the remittance industry and make a meaningful impact.
How do you motivate yourself to keep going every day?
Customers' trust and loyalty fuel our motivation each day. We embrace technology to unlock new opportunities and enhance their experience. Knowing we're making a positive impact keeps us driven and determined.
What's your one biggest accomplishment as a business owner?
One of our proudest accomplishments as a business owner is facilitating the transfer of over half a billion dollars from Canada to overseas destinations. It's a testament to our commitment to providing efficient and reliable cross-border money transfer services
What’s your one biggest challenge you face and how do you overcome it?
Our biggest challenge lies in the existing payment infrastructure dominated by banks and credit card companies. Their service and interchange fees pose a significant obstacle, ranging from 1-2% for merchants. On the other hand, ACH transfers offer cost-efficiency but suffer from slow processing times of 2-3 days. This dilemma forces customers to choose between expensive speedy transfers or cheaper, slower options without a middle ground.
To tackle this challenge, we developed the Remitbee wallet system, enabling us to offer both fast and low-cost transfers. However, as our business grows, the cost of verifying payments against wallet deposits increases. Additionally, our reliance on multiple third parties introduces inconsistency in the user experience. Despite these hurdles, we remain dedicated to finding innovative solutions and enhancing the overall payment experience for our customers.
What are your hiring strategies to build a successful business?
To build a successful business, our hiring strategies revolve around finding individuals who share our vision of turning the remittance ecosystem upside down. We seek out those who understand the power of decentralization as the key solution to the payments infrastructure problem. Through extensive research since 2017, we have discovered that liquidity decentralization holds the answer to the limitations we encounter.
Our goal is to transform the traditional concept of "money transfer" companies into liquidity providers. With this vision in mind, we invest our resources into blockchain and decentralized solutions as the long-term fix for cross-currency transfers. We believe in assembling a team that is passionate, forward-thinking, and dedicated to driving this transformative change in the industry. Together, we can achieve greatness and revolutionize the way money moves across borders.
To anyone looking to start or grow a business today, what three tips would you give them?
If you're venturing into the world of business, I've got two tips for you. First off, embrace the power of disruption. Don't be afraid to challenge the norms and shake things up. That's where the real opportunities lie.
Secondly, surround yourself with a team of passionate and talented individuals who believe in your vision. Remember, success isn't a one-person show. Collaboration and synergy are the keys to unlocking greatness.