Sendmi is a fintech startup that lets employees allocate part of their paycheck to send remittances, functioning like a 401(k) or Flexible Spending Account for cross-border payments. The company sells its service to employers as a perk so employees can make payroll elections to move post-tax payroll into a Sendmi account. Users can access a mobile app to transfer money; Sendmi currently supports transfers between the U.S. and Mexico via partnerships that deliver funds in minutes. Because funds originate directly from payroll, Sendmi reduces exposure to money-laundering mechanisms that other services must screen for. The product is launching at TechCrunch Disrupt SF after testing with a few clients, and the company has nine employees. Sendmi plans to add more corridors and expand its app to offer additional financial services such as insurance and consumer lending, and it has raised $3.1 million so far.

Total raised

$3M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2019