South African money transfer startup Mama Money, which allows users to send money to more than 50 countries from their phone, saw growth of over 500 per cent in volumes during 2020, and now has more than one million users.
Founded in 2013 by Mathieu Coquillon and Raphael Grojnowski, Mama Money aimed to drastically reduce remittance costs. It started with money transfers from South Africa to Zimbabwe in 2015, and now sends to over 50 countries across Africa, Asia, and Europe with more to come.
The company has partnered with the world’s leading payment providers and money transfer operators which allows their customers to send money to Western Union, MTN Money, Airtel Money, and many more while still keeping costs low for their customers. Mama Money saw 300 per cent growth in 2019, and performed even better in 2020.
“We’re incredibly grateful that 2020 was our best year yet. It’s terrible to see how tough the pandemic has been for so many people and businesses. We’re humbled and very lucky to have added over 70 permanent team members during this time,” said Coquillon.
“Lockdown restrictions spurred the adoption of digital money transfer services. While there is a large informal network for money transfers that operates predominantly in cash, services like Mama Money make it easier for people to transfer money from the safety of their homes, which became particularly appealing during lockdown.”