UK based fin-tech startup, SympliFi announced the launch of its fin-tech platform on Wednesday, 28 August 2019. The platform is said to have been designed to empower users around the world offering access to financial solutions – meaning people living in foreign countries can use the platform to give their families back home access to education financing, savings and healthcare.
SympliFi says that they focus on what the funds will be used for in the home country and aim to work directly with local financial institutions.
Instead of sending the money and incurring an expensive transfer fee, SympliFi notes that users can simply connect with a financial institution in their home country who will facilitate this transaction through the digital platform. The user can complete the process over their mobile phone within a matter of minutes and pay no fees.
“We are excited to launch SympliFi as we believe it is time to reimagine how diaspora provide financial support to families in their home country, by leveraging technology more effectively and sustainably. Our solution unlocks borders and creates financial bridges between diaspora and their home countries, in a way that does not exist today,” says Maurice Iwunze, co-founder of SympliFi.
“Our platform will enable us to offer diaspora a suite of financial solutions that enable long term access to business loans, education financing, electricity, healthcare, insurance and more,” concludes Gregoire Lecomte, co-founder of SimpliFi.
In addition to Zimbabwe, Nigeria and Tanzania, SympliFi hopes to continue their efforts with new countries and lending partners across Africa and other regions of the globe.