RemX Capital Limited is a multi-currency payment company incubated in 2020. The company is focused on solving problems faced by startups regarding payment across African markets. RemX provides its services from business to business and doesn’t deal with individuals.
The founder of RemX, Eghosa Nehikhare, who is also the firm’s director, had the vision of this company when he worked with the Africa Courier Express. At that time, the logistics company faced the issue of getting payments from other African countries which is the problem RemX is solving today. Later, Eghosa Nehikhare joined the Venture Garden Group which was where he got the funding and support to start his company. He met Bunmi and Kumni who are the co-founders of the Venture Garden Group and presented the idea of solving a socio economic challenge in Africa.
Venture Garden Group is an organisation that comprises companies with solutions to Africa problems. The Group was co-founded by three FinTech tycoons, Demola Idowu, Olufemi Olukunmi Demuren, and Olubunmi Akinyemiju. VGG has incubated companies from many industries including education, logistics, financial services, energy, health, transportation, cleaning and laundering services, education and more. They are also major shareholders and investment partners of RemX Capital Ltd.
The company accepted Eghosa’s idea and with their backing, RemX was born. Eghosa then proceeded to solve the interpolitical and border currency challenge using his unique strategy which was funded by the Venture Garden Group.
During its First 3 months of inception, RemX processed $5m, just at the idea validation stage.
RemX provides its services for companies that do business with several industries worldwide, companies that have plans for Pan-African and companies that need their services. They have partners with banks like UBA and the Equity bank which shows their reliability and efficiency in providing border currency solutions.
The company uses powerful technology products like BoltSend to liquidate African currency around the markets, and SWIFT for efficient treasury management.
Since RemX is focused on solving Africa’s currency issue, it expanded to Kenya. Kenya was the second country in Africa to witness the impact of RemX. The company chose Kenya because it has the second largest market for FinTechs, which is the audience target for RemX. After Kenya, the company is planning to move toward Ghana and Tanzania.
RemX Limited is also putting in work to power up with white label strategies. Doing this will increase treasury management and can also be extended to other FinTechs. RemX has successfully processed over $221m in the first quarter of 2022, $943m in 2021 and $1.2b in 2020. The company has business models in the works; some of them include the Bank performing KYC on RemX customers, smooth bank and company relationship, and the creation of bank accounts for the RemX clients.