BusinessWeek recently published and article by Jeffrey Gangemi about a startup for-profit microfinance company looking to capitalize on the remittance market, US-based Microfinance International. Read the full article here. To summarize:
Microfinance International (MFIC), a 60-employee startup founded by Atumasam Tochisako in Delaware earning USD 2.2 mn in gross revenue in 2006, is making a move into the USD 268 bn Western-Union dominated remittance industry. MFIC partnered with UAE Exchange, a high-tech finance company based in the United Arab Emirates. With the UAE Exchange’s capability of real-time remittance transfer in 75 countries, MFIC will offer one of the most extensive networks in the world in the upcoming months.
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[…] MicroCapital article, January 15, 2007, “US-Based Microfinance International Hopes to Challenge Western Union and MoneyGram in the Remittance Industry while Benefiting Immigrants and Making Money Using Microfinance as Alante Financial,” https://www.microcapital.org/us-based-microfinance-international-hopes-to-challenge-western-union-and… […]
[…] MicroCapital article, January 15, 2007, “US-Based Microfinance International Hopes to Challenge Western Union and MoneyGram in the Remittance Industry while Benefiting Immigrants and Making Money Using Microfinance as Alante Financial,” https://www.microcapital.org/us-based-microfinance-international-hopes-to-challenge-western-union-and… […]