- PayTrip, the Orleans-based FinTech featuring an instant money transfer service, just launched a new prepaid card.
- Goal: meet cross-border money transfer-related requirements and bring down delays from a few days to a few minutes.
- Partners: This card was designed in partnership with Gem +; funds are guaranteed by Barclays. They also rely on a partnership with Prepaid Financial Services and Mastercard for issuing.
- Targets: This offer is meant for all European residents of African descent sending money to their relatives, and for parents sending money to their children without opening a bank account.
- Business Model: PayTrip service relies on a monthly subscription
- From €3.49/month for one account and a payment card
- €6.49/month for one customer
- €8.49/month for two customers
- €10.90/month for three customers
- How it works:
- The PayTrip account holder must load the account upon subscribing (€100 minimum), via bank or card-based transfer
- He may then reload up to four payment cards
- A PIN code is enough to activate one of the cards
- This Deep Learning, AI-enhanced solution by PayTrip easily recognises the required supporting documents, including the customer’s picture –which can be taken from his mobile phone. The user will only need 5 minutes to send over the required documents and open an account.
- Reshuffling the game. Europe-African money transfers usually take up several days to proceed and exchange rates often bring about hidden fees. PayTrip claims they want to change this: cut down delays and improve transparency when it comes to pricing scales for customers.
- Automating the account verification phase to implement a near-instant account opening process.
- A promising market. The France-Africa P2P money transfer market is assessed to be worth from €7 billion to €10 billion each year. PayTrip intends to take advantage of the opportunities this segment entails. They also target other European residents, as their offer is available EU-wide.
- PayTrip was incubated by the Village by CA for Lab’O in Orléans and by the HEC Challenge+ programme. They raised €1 million one month ago from Crédit Agricole, BNP Paribas and Bpifrance.
- A second funding round is also considered. This investment should help them boost their offer and face up to competition from FinTechs in the cross-border money transfer industry. In France, Ditto Bank already features a mobile app for expats.