Business

Brazil's fintech Remessa Online expects to manage BRL 14 billion in remittances by 2021

The startup claims to have gained a 33.46% market share on money sent abroad by Brazilian individuals

Alexandre Liuzzi, co-founder and CSO of Remessa Online, and Fernando Pavani, the fintech's co-founder and CEO. Photo: Courtesy/Remessa Online
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Brazilian digital remittances platform Remessa Online (Portuguese for Online Remittances), plans to announce a new round of investment soon and aims to surpass BRL 14 billion processed by 2021.

To LABS, the company said it doubled its market share between January and April this year, reaching 33.45% market share in overseas money remittances made by individuals, a growth of 94.46% compared to the same period in 2020, according to Brazil‘s Central Bank data.

READ ALSO: Brazilian platform Remessa Online receives BRL 110 million in a round led by Kaszek Ventures

“The success with the operations with individuals led us last year to start acting strongly in the offer of sending and receiving the money to small and medium-sized companies, Internet content producers, and technology professionals who work remotely for companies abroad. We hope with this, very soon, we also become an important player in this market, helping to internationalize small Brazilian businesses,” says Alexandre Liuzzi, co-founder and Chief Strategy Officer.

With 1.5 million monthly accesses, the fintech was created in August 2016 and since then has served more than 350,000 customers, moving more than BRL 11 billion in transactions made between more than 100 different countries.

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In Brazil, Remessa Online’s main rivals are traditional banks and fintech Wise, which in a recent IPO on the London Stock Exchange was valued at £7.95 billion ($11 billion).

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