BeeTech Payment Remittance Company Announces Saving Customers $14 Million via RippleNet

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by Tolu Ajiboye · 3 min read
BeeTech Payment Remittance Company Announces Saving Customers $14 Million via RippleNet
Alexandre C.R. Liuzzi, BeeTech Co-Founder and CSO. Photo: Ripple

The CEO and co-founder of BeeTech has announced that the company helps customers save millions of dollars via its payment remittance service, which is powered by Ripple.

Brazilian financial services and fintech company BeeTech has announced that its cross-border payment service in partnership with Ripple, is helping its customers save over $14 million incurred in transaction fees, every year. Since becoming a member of RippleNet in 2018, BeeTech has tackled a lot of its challenges surrounding its core business of sending and receiving international payments.

The company was co-founded in 2016 by Alexandre C.R. Liuzzi, to directly tackle the high charges that accompany payment transfers as well as the usual delays – sometimes lasting weeks – which Brazilians have to reluctantly endure to get their money.

Speaking at Ripple’s recent Swell 2019 event in Singapore, Liuzzi explained that BeeTech has evolved from a focus on handling cross-border payment transfers to several other financial solutions to ease costs for both individuals and businesses that might need these services. Liuzzi said:

“We’re not only a remittance platform, we’re giving access to financial services and removing frontiers to global payments like onboarding frictions, high transaction costs and a lot of frustration in the process. Since we started, we have transacted more than $1.5 billion and more than 200,000 transactions have been completed.”

The company also prides itself on being able to help families who need to fund education for children studying in the diaspora, as well as other small firms whose businesses revolve around exportation as well as imports. BeeTech also boasts of one of the highest Net Promoter Scores (NPS) in Brazil at 89. Liuzzi says that over 40% of all BeeTech’s new customers, come from referrals and the company will expand to the U.S. and Europe by next year.

RippleNet Breaking New Grounds

UK-based Finablr financial services and remittance company, has also recently announced a 22.1 percent year-over-year revenue rise. By being a member of RippleNet and using Ripple’s On-Demand Liquidity (ODL) for remittance payments, Finablr was able to post impressive earnings of $182.3 (£142.2) year to date (YTD) earnings and a margin of 15.6%.

As the company grows and boasts of higher scalability via RippleNet, Finablr has secured a partnership with South Korean tech conglomerate Samsung, to expand its remittance service to nearly 50 countries, via Samsung’s digital wallet app, embedded with new smartphone offerings. Finablr has also entered into a partnership with one of Africa’s foremost telecommunications companies Airtel Africa, to spread remittance to more than 100 more countries. Finablr in its quest for “clear strategy and sharp focus on execution” also has its eyes set on the very large Chinese market and has already signed a memorandum of understanding (MoU) with China Union Pay to spread remittance access to China.

Pomp Is Pro-Ripple But Anti-XRP

Even with all of Ripple’s strides with hundreds of partners using RippleNet and ODL, popular Bitcoin bull and Morgan Creek Digital co-founder Anthony “Pomp” Pompliano, has expressed his reservation about the XRP asset. Pomp who recently interviewed Ripple CEO Brad Garlinghouse on the former’s Off The Chain performance said that while Ripple is a “compelling” company, XRP probably isn’t. Pomp said:

“From day one, I’ve said that Ripple the software company is pretty compelling. The idea that banks need software as a service (SaaS) products to better conduct business, be more efficient and move money around more easily, all of that makes sense to me.”

“I’m probably still not sold that XRP itself is…the investment opportunity that a lot of people think and believe it is…And so, I’m kind of bullish on Ripple the software company and still a skeptic when it comes to XRP the digital currency,” added he.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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