I just started a new business: software for sending money from the US to foreign countries. We compete with Western Union and Moneygram. We are starting with Kenya and sending money to the mobile money system in use there, M-Pesa.
The goals are: 1) to make money (which, once earned, will mostly be spent on effective altruist causes); and 2) make direct impact by a) reducing fees to send money to the developing world, and b) growing the remittance market resulting in wealth redistribution.
Why this project and not others? I believe that for people who have the capability to start companies, starting for-profit companies is one of the best things they can do. Occasionally startups hit it big, and when they do, they tend to make direct positive impact as well as money for the founders. I have selected this startup idea as a pretty good balance between direct impact and chances of success.
Recent progress: Today I talked to six Kenyan immigrants who worked in the US. Five of them currently send money using Western Union, and all five were quite enthusiastic about our product, enough to offer help and introductions. Two of them were most excited about M-Pesa as the way recipients could receive the money, and the other three were most excited about lower fees.
The website is currently at http://www.waveremit.com . I’m looking to talk to people who a) send money to other countries regularly; b) have experience with federal or state money transmitter laws; or c) have other potentially useful information that I haven’t thought of.
I just started a new business: software for sending money from the US to foreign countries. We compete with Western Union and Moneygram. We are starting with Kenya and sending money to the mobile money system in use there, M-Pesa.
The goals are: 1) to make money (which, once earned, will mostly be spent on effective altruist causes); and 2) make direct impact by a) reducing fees to send money to the developing world, and b) growing the remittance market resulting in wealth redistribution.
Why this project and not others? I believe that for people who have the capability to start companies, starting for-profit companies is one of the best things they can do. Occasionally startups hit it big, and when they do, they tend to make direct positive impact as well as money for the founders. I have selected this startup idea as a pretty good balance between direct impact and chances of success.
Recent progress: Today I talked to six Kenyan immigrants who worked in the US. Five of them currently send money using Western Union, and all five were quite enthusiastic about our product, enough to offer help and introductions. Two of them were most excited about M-Pesa as the way recipients could receive the money, and the other three were most excited about lower fees.
The website is currently at http://www.waveremit.com . I’m looking to talk to people who a) send money to other countries regularly; b) have experience with federal or state money transmitter laws; or c) have other potentially useful information that I haven’t thought of.