FinovateEurope 2013 / Xendpay
Presenter Profile:
How they describe themselves: Xendpay.com is an online money transfer service that allows users to easily and cheaply send money anywhere in the world from a PC or mobile phone.
Payment can be made via card or bank transfer. Soon it will be possible to pay using cash in a large number of retail locations. Delivery is to bank accounts or, in some countries, to cash collection points via a network of partners. Xendpay is for everyone who sends money overseas including migrants, students, holidaymakers and cross-border shoppers. It is available in 5 languages (English, Spanish, German, French & Polish). Because it keeps everything online, Xendpay is cheaper than the bricks and mortar alternatives. All payments are covered by RationalFX’s FSA authorisation and safety and online security is paramount. The product itself is cloud-hosted and built on a Java framework with extreme scalability in mind.
How they describe their product/innovation: Xendpay itself is very new. However, we are demonstrating a new service – a cash-to-cash mobile international payment. The user will send a money transfer without a payment card or bank account using just their mobile phone from a corner shop. Previously to do this kind of payment the person would have to visit a Western Union (or similar) agent. Xendpay can do conventional card-to-bank payments as well.
Contacts:
Bus. Dev., Press & Sales: Jake Holloway, Xendpay COO, jake.holloway@xendpay.com
Website: xendpay.com
Twitter: @xendpay
HQ: London, UK
Founded: July 2012
Product Demoed: Xendpay
Product Launch: August 15, 2012
Metrics: Xendpay is a company in the Rational Group and a sister company to RationalFX (rationalfx.com). No external funding has been raised and the London-based company has 6 employees. The employees are primarily only IT and marketing with the back office services provided by RationalFX. By December 2012, Xendpay had over 20,000 registered users and was sending millions of pounds worth of payments each month. The rate of customer acquisition is growing each month despite no spend on marketing – all organic search, word of mouth and some press coverage. The average money transfer is around £700 and so far we have sent money to over 80 countries – mainly from the EU.
- Key Executives
Rajesh Agrawal (CEO & Chairman, Rational Group), Jake Holloway (COO, Xendpay), Guy Richardson (CTO, Xendpay), Paula Alonso (Product Manager, Xendpay)
Key Stats
- Key Board Members
Rajesh Agrawal (CEO & Chairman, Rational Group), Paresh Davdra (Director, RationalFX), Jake Holloway (Director, Xendpay), Jim Warner (Director, RationalFX)
- Key Partnerships
Xendpay is an Agent of RationalFX – RationalFX’s key banking partner is Barclays Bank.
- Key Customers
The main customers are migrants, including those who have retired abroad or intend to and those who live in multiple countries.