Nigerian fintech startup Vesti is changing the way immigrants access banking services around the world.
The company launched by two brothers in 2021 is offering financial services, information and community support for nearly 272 million international migrants who have a challenge accessing banking services in their host countries. It is the brainchild of Olusola and Abimbola Amusan, both immigrants in the United States who saw an opportunity in the existing gap.
“Before they arrive, immigrants must pay fees such as attorney fees, credential evaluation and visa-related fees, many of which are not supported by local card companies. Today all these payments can be made on Vesti.” Olusa said in an interview with pan-African publication Disrupt Africa.
“Also, when they arrive, immigrants must establish banking history and build their credit score. This end-to-end payment and banking infrastructure deficit for immigrants is what Vesti is out to simplify.”
Indeed, one of the most challenging aspects of immigration is accessing financial services. The requirements can be inhibiting and discouraging.
“Vesti gives humans the power to move overseas to 110 countries. We are the future of legal migration and global migration. Vesti uses deep technology like AI and Blockchain to help thousands of migrants to find new homes.” Reads a statement on the company’s website.
Vesti says has completed more than 1000 transactions and managed to onboard “50,000 users almost organically in 10 months.” In April, the company raised US$20,000 in equity funding and gained access to other support services.
“We also have a decent revenue margin and started making money from day one. So far we have raised US$500,000, and we are closing on more venture funding, to keep us ahead of the competition,” Olusola said.
There are several fintech firms offering cross-border payments but Vesti’s approach is different. The focus on a section of the population gives the startup a good chance to understand this niche perfectly and execute on it.