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    Date submitted
  • 26-Sep-2017

Expedia.com for money transfers

Abstract

LumoXchange was create for one purpose: to enable people to send money across borders for less. Our intuitive remittance platform allows our customers to compare exchange rates from local financial institutions in countries to which they wish to send money. We reveal the real local exchange rates daily for each local payout partner and let our customers pick the best exchange rate available. This ability to search, compare and send money using exchange rates at the local level is truly unprecedented.

Video

Original YouTube URL: Open

Introduction Video

Additional Questions

Who is your customer?

Our customers are the 1 in 7 people across the world who rely on remittances to support families in mostly developing countries. Often times remittances are the lifeline for millions of families and are a significant portion of the GDP of a lot of developing countries.

What problem does this idea/product solve or what market need does it serve?

Our solution brings true transparency to the remittance industry by creating a localized marketplace where financial institutions compete to convert inbound remittances to local currency. By creating localized competition based on currency conversion we are able to provide remittance a very favorable rates and low cost to senders.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

We are starting our remittance solution from the US to the Philippines. Filipinos in the U.S. send over $9.5 billion annually and we have signed up 3 of the largest banks on our platform who will compete to convert inbound US Dollars to Filipino Pesos. Just like travel with Expedia.com or Loans with Lendingtree.com, we are creating a marketplace for money transfers because people always prefer shopping around before transacting and we provide that seamlessly with our platform.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We have first hand experience sending money abroad as immigrants to the U.S. we know that there is a better solution and we decided to build it. We have a first mover advantage to the fourth largest remittance market in the world and we are quickly working on adding more Local Exchange Networks in key countries across the world.