- Eversend has recently introduced a B2B crypto-fiat payments application, allowing businesses to accept cryptocurrency seamlessly.
- In 2021, the startup processed a remarkable $230 million in transactions.
- The startup addresses a critical issue in Africa, where over 350 million people lack access to bank accounts.
In the dynamic landscape of Ugandan fintech startups, Eversend emerges as a trailblazer, reshaping cross-border money transfers and financial services. Founded by Stone Atwine, this innovative Ugandan fintech startup began its journey in 2017, gaining prominence for its digital-only finance platform.
Eversend initially captured attention in 2020 by providing users and businesses with a cost-effective solution for cross-border money transfers, seven times cheaper than traditional bank and wire transfers. Fast forward to the present: Eversend has transformed into a comprehensive financial platform, covering cross-border payments, virtual credit cards, currency exchange, and cryptocurrency transfers.
In a strategic move, Eversend has recently introduced a B2B crypto-fiat payments application, allowing businesses to accept cryptocurrency seamlessly. This groundbreaking solution, accessible through an API integrated into their platforms, enables companies to hold, payout, collect, and convert fiat and cryptocurrencies.
The rebranding of Eversend is more than just a change in appearance; it signifies the company’s evolution into an advanced financial entity. According to Atwine, the startup has processed a remarkable increase in transactions each year since 2019, reaching $800,000 in 2019, $5 million in 2020, and an impressive $230 million in 2021.
As it solidifies its position in the market, the rebranding includes a revamped logo and visual style, aligning with the company’s current identity and future aspirations. Atwine emphasizes, “We started with one inspired young man fixing the perils of sending remittances to his grandma in Uganda. Now we’re building the financial octopus for Africa and beyond.“
Looking ahead, Eversend is not only reshaping the financial landscape in Uganda but also eyeing regional expansion. Currently available in Kenya, Uganda, Ghana, Nigeria, and Rwanda, the startup is on a trajectory to raise between $15 million and $25 million from investors, a testament to its growing influence in the fintech banking sector.
Stone Atwine and Ronald Kasendwa founded Eversend, the digital-only finance platform, in 2017. The Ugandan fintech startup is poised for significant growth and expansion in 2024. Having achieved sustainability in the previous year, the Ugandan fintech startup has positioned itself as a leading player in cross-border money transfers and financial services.
Its commitment to reshaping financial infrastructure is evident in its all-in-one payments platform, offering cross-border payments, virtual cards, currency exchange, and crypto buying and selling. Atwine emphasizes, “We are the leading FX startup on the continent, and our crypto-fiat business offering leveraging stablecoins solves massive payment problems for organizations doing business in or with Africa.”
The startup addresses a critical issue in Africa, where over 350 million people lack access to bank accounts. Traditional solutions fall short, and Eversend aims to fill the gap by providing alternatives. In 2021, the startup processed a remarkable $230 million in transactions, showcasing its rapid growth from $5 million in 2020 to $800,000 in 2019.
Eversend’s unique approach to funding further sets it apart. With a total funding of $1 million from angel investors, venture capitalists, and crowdfunding, the startup has prioritized unit economics and sustainable growth. Atwine explains the rationale behind crowdfunding: “It brings our supporters and users closer to us by making them stakeholders in the business. When we win, they win.“
Eversend revolutionizing Africa’s landscape
Live in Uganda, Kenya, Nigeria, Rwanda, Ghana, and Nigeria, Eversend’s plans for international expansion include Europe, the United Kingdom, the United States, and Francophone Africa. Atwine attributes the key to Eversend’s growth to its all-in-one offering. This strategy allows the startup to play at the bleeding edge of innovation, increasing the average revenue per user compared to traditional single-product fintech startups.
In the realm of Ugandan fintech, Eversend has become synonymous with innovation and financial empowerment. Born from Stone Atwine’s vision to address the challenges of cross-border money transfers, Eversend has evolved into a multifaceted financial powerhouse. Its early success in providing cost-effective solutions for cross-border transactions laid the foundation for a broader mission—reshaping financial landscapes across Africa. Introducing a B2B crypto-fiat payments application demonstrates its commitment to staying at the forefront of financial technology.
As the startup charts its trajectory towards sustained growth and expansion, Eversend’s impact goes beyond borders. The impressive transactional milestones achieved each year underscore not only its financial prowess but also its pivotal role in enhancing financial inclusion across the continent.
In a region where traditional banking struggles to reach millions, the Ugandan fintech startup emerges as a beacon, offering not just services but also a transformative narrative. The journey from a cross-border app to a comprehensive fintech banking solution signifies more than a corporate evolution; it embodies a financial revolution driven by Eversend’s unwavering commitment to fostering economic empowerment.
Eversend’s journey from a cross-border money transfer app to a comprehensive fintech banking solution reflects its commitment to addressing financial challenges in Uganda and beyond. As the startup enters a new phase of growth in 2024, it continues to reshape the narrative of Ugandan fintech startups, emphasizing cross-border money transfer, sustainable growth, and crowdfunding for startups. Eversend’s story is not just one of evolution but also a testament to the transformative power of fintech in emerging markets.