After $2M Round, San Diego’s Quippi Aims to Disrupt Money Transfer
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service which enables people to support their families, but do it for free?’”
Aleles says he plans to expand Quippi globally, but targeted Mexico first because annual money transfers from the U.S. to Mexico total almost $23 billion a year. “There is more money sent from the U.S. to Mexico than anywhere else on the globe,” he says. While he spent his career mostly in Silicon Valley and Latin America, the 43-year-old CEO says he moved to San Diego to start Quippi because “doing business in Mexico is far easier here.”
Quippi’s approach is simple and low-tech, but potentially disruptive to the money transfer service industry if Aleles can line up enough partners on both sides of the border. Quippi cards now can be redeemed at Chedraui, one of Mexico’s largest supermarket chains (which also sells clothes and non-perishable items), and Coppel, a Mexican department store chain.
The United States represents a bigger challenge. Quippi has partnerships with ePay, a global processor of electronic payments operated by Leawood, KS-based Euronet Worldwide, and PayNearMe, a cash transaction network based in Mountain View, CA. Such partnerships enable Quippi’s “unbanked” customers to buy their PIN code online and pay for it with cash at thousands of 7-Eleven or ACE Cash Express stores.