Toast operates a mobile Android app that digitizes cross-border remittances and cuts fees for migrant workers. It partners with existing local remittance stores and kiosks so recipients can collect funds while disintermediating large providers like Western Union. Founded in 2015 by CEO Aaron Siwoku and based in Singapore, Toast is active in Hong Kong and the Philippines and has secured a remittance license in Singapore. Since going live in March it processes over $1 million in payments per month from Hong Kong to the Philippines. The company originally used blockchain and bitcoin but abandoned that approach due to regulatory concerns. Toast plans expansion to Indonesia, Malaysia, India and Pakistan and later Europe (18–24 months out) and is exploring product extensions such as micro-loans and insurance for migrant workers. Toast, formerly known as Cryptosigma, pivoted away from bitcoin and blockchain and rebranded in July to operate as a "bitcoin invisible" remittance solution. The company targets Filipino workers in Singapore and their families in the Philippines. Toast plans to let consumers load its forthcoming smartphone app (due on Google Play) with a local offline travel card or a bank account to send money. The app is designed to bypass traditional remittance agents. Toast is a Startupbootcamp alumnus and has reportedly raised seed funding to support the product rollout. The startup aims to tap the sizable Philippines remittance market, which a 2010 World Bank study noted was the second-largest recipient in Asia and accounted for 10% of the country's GDP in 2014.

Total raised

$2M

Funding rounds

2

Latest round

Series A

Latest activity

Nov 2016