Paris based money transfer operator Afrimarket has raised €10m in venture funding led by Global Innovation Fund. Afrimarket is an innovative Money Transfer operator with a cash-to-goods approach, helping African migrants remit dedicated funds to Africa at a fraction of current money transfer costs.
Afrimarket started in France with its major focus on French West Africa. It enabled Africans in France to cash tied to good and services back home say shopping, medicine school fees among other things. The platform wanted to cut down on the high costs of sending money back home so it came up with a cash-to-goods model which has seen it drive down remittance fees by using an online system to buy stuff for people back home instead of sending hard cash.