Company: Ileero Pay Limited
Founder(s): Peter Tolulope Fajemisin
Description: IleeroPay is a technology company focused on creating platforms that connect people across the globe. They are creating user-focused solutions that includes; a mobile app and web based platform that enables remittance from the UK to other countries and tools needed by businesses/merchants to accept online payment and expand their reach to both local and international audiences.
About Ileero Pay Limited
IleeroPay is a technology company focused on creating platforms that connect people across the globe. They are creating user-focused solutions that includes; a mobile app and web based platform that enables remittance from the UK to other countries and tools needed by businesses/merchants to accept online payment and expand their reach to both local and international audiences.
Their live product “Ileero Remit” August, 2021, helps facilitate instant global cash remittances that terminates to various financial instruments (bank accounts and mobile wallets). These remittances include
• Customer to customer
• Customer to Business
• Business to Customer
• Business to Business.
This seamless process is enabled and supported by robust high level API integrations, different layers of security measures that will prevent fraud, hacking etc. It is backed by stringent KYC/KYB checks to ensure all customers meet their identity thresholds as required by law.
Their product is extremely user friendly, has addon features tailored to meet various customer needs, e.g., functionalities that allow monthly mortgage payments, or wages from B2Cs, or any recurring payments.
Our product offers the best rates to all target countries thereby giving our customers the best value for their money.
The Market Problem
The world is fast becoming a global community, with immigration at its highest and global markets rising. Rise in economic immigration, expatriates, academic immigrants means that there in need for movement of money across different regions for family support, payments of academic’s fees, payment of merchandise, wages etc. World Bank statistics reveal that $20B is remitted annually from UK alone. This cash requires a platform and conduit that is user friendly, secure, fast, affordable, and efficient to provide that seamless transaction for businesses and individuals. Most customers have really struggled to find a service that meets the above requirements. Existing services were either too complex, time consuming and expensive. There was too much filling of forms, providing documents, lengthy queues at banking halls, and rates that make remittance very expensive. Delays in receiving cash was experienced and even loss of cash sent with no traceability. Threats of anti-money Laundering and terrorist funding also created the need for a very safe and secure cash sending platform, that will both identify, flag, and prevent financial malpractice within the remittance framework.
At ileero they have been able to fully understand this complex remittance problem, they have established the massive gap in the existing products and have developed an app that will extensively solve these problems. Their app enables their customers to complete their transactions instantly from the comfort of their mobile gadgets or computers in three simple steps. And just like that, they can avoid queues, unnecessary paperwork, save a lot of time, save even more money, and enjoy value for their money. Their bills can be paid on time, their family receive support instantly and right there a remittance revolution is created. The security features there-in can detect and block any forms of fraud.
The world is connected digitally now more than ever, and the pace is not reducing anytime soon. It is therefore essential to have products and services that can and will keep up. They believe technology now is and will always be the main factor to consider in any business. The uniqueness of their product exists in the fact that anyone anywhere can use it and they don’t have to be tech savvy.
Their market edge is in their technical superiority. They are able to build specific features for each target market, eg C2C, B2B, B2C and C2B. They can build a feature for mortgage, family support, wages etc. Competing products have just a one size fits all, leaving out potential customers. They believe in personalising their customer needs. Their security features and robust KYC/KYB means they can offer their customer higher sending limits. Also, their licensing and partnerships enable us access a massive number of corridors to serve a wide variety of target audience.
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