Beacon Remit’s innovative approach promises to streamline the remittance process, making it more accessible, affordable, and efficient for the growing community of Indian immigrants in Canada
Beacon Remit is revolutionizing the way Indian immigrants in Canada manage their money transfers. Traditionally, transferring money from India has been a complex and expensive process, involving long wait times, steep fees, and stringent regulatory requirements. However, with the influx of new immigrants to Canada, many of whom are from India, a more efficient system was long overdue.
Beacon Remit, a part of the Beacon Super App, has emerged as the first global, end-to-end remittance service that simplifies international money transfers for Canadian immigrants, particularly those moving funds out of India. This app offers a seamless experience, allowing users to manage the entire transfer process through a single platform. Fintech.ca recently reported that this service aims to cater to the unique financial needs of immigrants arriving in Canada.
Headquartered in Toronto and Montreal, Beacon raised $5.25 million in seed funding earlier this year to support its launch in Canada
Beacon, a fintech startup founded in 2023 by Stuart Szabo and Aditya Mhatre, is specifically designed to assist immigrants as they transition to life in Canada. In addition to its remittance services, the Beacon Super App provides immigrants, students, and work permit holders with personalized digital information, checklists, and resources to help them navigate the complexities of relocating and settling into Canada confidently.
The app’s compliance with the Reserve Bank of India (RBI) ensures both security and legality, providing users with peace of mind. According to Beacon, their international transfers are approximately 50% cheaper than those processed through traditional Indian banks.
For users like Aman Rishu, an international student from India studying at George Brown College, Beacon Remit has been a game-changer. “Managing money transfers used to be a major headache, taking precious time away from my studies. Now, it’s quick and straightforward,” he shared, emphasizing the reduced stress and improved financial flexibility the app has brought him.
Co-founder and CPTO Aditya Mhatre explained, “We created a solution that allows users to move their money from start to finish with just one app. Our mission is to empower immigrants by removing traditional barriers and complexities of international finance. Remit is just the beginning; we plan to introduce more financial solutions to serve Canadian newcomers.”
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