Eversend’s Financial Empowerment Journey: Reshaping Uganda’s Fintech Narrative

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  • 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: it has transformed into a comprehensive financial platform covering cross-border payments, virtual credit cards, currency exchange, and cryptocurrency transfers.

In a strategic move, the fintech company 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.

Its rebranding 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.

Also, Read Uganda’s Blockchain Revolution: PACEID and TA-CargoX Consortium Launch TradeXchange Platform.

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, a 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, Eversend has positioned itself as a leading player in cross-border money transfers and financial services.

eversend
Eversend Team has dedicated itself to improving Africa’s financial inclusion rate by providing easy financial systems that are accessible throughout Africa.[Photo/Medium]
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. 2021 the startup processed a remarkable $230 million transaction, showcasing its rapid growth from $5 million in 2020 to $800,000 in 2019.

Its unique approach to funding further sets it apart. With a total budget 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.

They 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 its 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 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, it 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 African financial landscapes. Introducing a B2B crypto to 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, its impact goes beyond borders. The impressive transactional milestones achieved each year underscore its financial prowess and pivotal role in enhancing financial inclusion across the continent.

Also, Read Uganda takes a positive step towards crypto regulation.

In a region where traditional banking struggles to reach millions, the Ugandan fintech startup emerges as a beacon, offering services and 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 its 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 growth phase in 2024, it continues to reshape the narrative of Ugandan fintech startups, emphasizing cross-border money transfer, sustainable growth, and crowdfunding for startups. Its story is not just one of evolution but also a testament to the transformative power of fintech in emerging markets.

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Ken Mutuku
Ken Mutuku
Your Guide to the Future of Tech, Web3, and Digital Storytelling. With a keen eye for detail and a knack for concise communication, Ken Mutuku is your go-to professional for decoding the next wave of technological evolution. Whether through captivating videos, insightful articles, or engaging presentations, he masterfully crafts messages that deeply resonate with his audience, setting him apart in the digital landscape.