Electronics payment technology firm BlueKite has announced a US$1.5 million seed fund led by PeopleFund, whose contribution amounts to $1.3 million with the remaining provided by BlueKite’s founders.
BlueKite is developing a Web-based payments platform that once implemented is expected to help people in the Diaspora pay bills for their families at home, rather than sending money to loved ones.
Sending money is reported to be more costly, as some remittances might be diverted to other schemes instead of settling bills.
“Over the next six months, BlueKite will unveil technology and functionality that allows users to pay international bills including utilities and phone recharges in real-time and with unprecedented efficiency,” the company said.
According to Jose Vargas, co-founder and director of PeopleFund, BlueKite is a category-creating service that is exceptionally positioned to become the fastest growing leader in cross-border payments by focusing on emerging markets and by providing robust technology and important partnerships in the space.
He said: “Most of all, we are believers in the team and their ability to execute on this vision.”
It is estimated that over 215 million people across the globe have migrated from their homelands. In 2011, the emigrants remitted nearly US$500 billion to their home countries.
“This important investment round validates the growing market and opportunity ahead for BlueKite. We are committed to providing consumers around the world with a safe, convenient and economical way to make payments and care for their families abroad,” said Bobby Aitkenhead, co-founder and CEO of BlueKite.
BlueKite is in the process of integrating its services to Asia and Africa where money remittance is high.
In Kenya, recent statistics show that Kenyans in the Diaspora remitted nearly KSh74.4 billion (approx $876 million) as per end of last year. This has seen the growth of money remittance services such as the Nation Media Group-owned Nation Hela.
“Our goal is to create new efficient ways for cross-border payments which are not currently available and allow immigrants to better control their finances,” Aitkenhead added.
