With Nigeria as an emerging market in Blockchain technology and Cryptocurrency adoption, SureRemit has raised $7m on the initial coin offering market.
SureRemit – a non-cash remittance platform majority-owned by Nigeria based fintech holding company-GreenHouse Capital-uses blockchain technology to help immigrants earmark and send funds home, according to a company statement.Using a digital voucher platform and network of local merchants across African and other emerging markets, the firm said it offered a non-cash alternative for sending money to family and friends at home.
The statement read in part, “Whether funds are used for utility bills, medical treatment, or groceries, SureRemit ensures that sending a few hundred dollars to family is no longer subjected to fees of 7.45 per cent–the global average. Using Blockchain, SureRemit can bypass the traditional banking system and connect customers directly to local merchants, who pay a small commission fee on each transaction.
“This development builds on GreenHouse Capital’s focus on identifying new ways for Blockchain and Cryptocurrency to transform the African markets. In collaboration with current and prospective portfolio companies and public institutions, GreenHouse Capital plans to harness Blockchain technology to accelerate Africa’s growth via the ICO market.”
A member of the investment team at GreenHouse Capital, Kelechi Nwokocha, was quoted to have said, “The implications of growth capital outside of equity financing is huge. It means SureRemit can scale its operations without additional capital from existing shareholders.
“SureRemit is just one of our 10 fintechenabled portfolio companies that can potentially leverage Blockchain to address a specific market gap, particularly in Africa. We’re happy to take the lead on blockchain and Cryptocurrency implementations on the continent,”
GreenHouse Capital said it was excited by the opportunity for SureRemit to leverage the ICO market to fund future growth.
The company foresees blockchain becoming a conduit to tackling Africa’s significant infrastructure challenges.