Zepz launches neobanking product for US-based migrant community

London fintech Zepz has launched a neobanking product for US-based migrants.

Zepz-owned remittance firm Sendwave has launched Sendwave Pay.

Boston-based Sendwave, which was acquired by fintech group Zepz, which also owns money transfer brand WorldRemit, in 2020, operates a digital remittance service in East and West Africa.

Sendwave Pay aims to make sending funds to Africa easier.

It is an FDIC-insured bank account with a debit card.

Account holders can save up to 25 per cent on transaction fees on remittances to Kenya, Ghana and several other African countries, the company said.

Users can also get reimbursements for international transaction fees when using their Sendwave Pay debit card outside of the US as well as earnings up to 0.51 monthly interest on the money held in their Sendwave Pay account.

Sendwave said: “For migrants, opening a bank account is an important step to establishing themselves and helps to achieve financial autonomy.

“Sendwave Pay provides an opportunity for our customers to build cross-border wealth and recognises the demand for a product that better serves customers’ needs than a standard bank account.”

“The way that people use and access money has drastically changed over the last decade,” said Eric Huynh, product lead, Sendwave Pay, Zepz.

“We created Sendwave Pay to better meet the needs of our customers, who are dynamically considering how they manage their money both for themselves and for loved ones abroad.”

“Investing in meaningful innovations to serve the needs of cross-border communities is part of our purpose and at the heart of everything we do,” said Mark Lenhard, CEO of Zepz.

“Sendwave Pay enables US-based migrants to take their money farther, creates financial empowerment through interest schemes and competitive benefits, and firmly establishes Sendwave as a heavy hitter in the fintech space.”