PEXBANK is a tech-enabled platform for remittance and payment exchange.
Current Status
Currently, we have registered over 4000+ transactions, 8000+ signups and an average yearly net profit of $0-$5,000 with zero marketing budget. Growth is fostered by direct referrals and a growing community of freelancers and payment exchange enthusiasts.
Problem or Opportunity
Sending money abroad is a huge pain with many payment bottlenecks. There are too few options with many offering similar and competing payment products, persistent payment limits, high cost of transfer and too many inconveniences. We propose a simple technology with many benefits.
Solution (product or service)
A social marketplace for people with interdependent needs to meet, negotiate and remit payments in mutual exchange. We are connecting the perfect circle of migrants, local businesses and remittance consumers for alternate payment with no wires, no barriers, no payment limits with access to over 200+ payment options available on existing global payment networks. Migration increases yearly with people acquiring strategic access to international payment networks. Likewise, there is a growing exploit in global commerce from home.
Business model
3.5% commission per transaction. Recently introduced subscription fees to cut fees down to 1.75% and 0.35% respectively.
