Sendr

Ownership Verified account @ownershipfm · Nov 4

.@joinsendr CEO Varinder on why India came first: the world's biggest remittance market, with $120B sent home every year.

"My idea was to start, before the US and Canada, to start from Europe, and I tried to get a license in Spain. But the problem in Spain is too much bureaucracy in Europe, and Europe always takes a long time to get a license, and that's why we settled on the US and Canada corridors."

"Why we chose India first is because our co-founder Deepak, he's based in India, so he understands the banking regulation, compliance side, and also the banking partners and OTC deals that he has there in India."

"Once we achieve a certain milestone, we are going to expand to other Asian countries, and also to Latin America, because Mexico is one of the corridors that we want to explore."

"India is the biggest remittance player in the whole world. Every year, Indians just send $120 billion back home."

View quoted post on X

Ownership Verified account @ownershipfm · Nov 3

.@joinsendr CEO Varinder on why Wise and Remitly can’t easily switch to stablecoins, and why they’ll buy startups like his instead:

“What Wise and Remitly or any other companies are doing, they took 10 years to get 80 licenses in different countries. So for them, to move directly into the stablecoin thing is like, they have to destruct all the regulatory licenses that they have, then they have to apply for different licenses, which we call VASP, or you can say virtual asset licenses.”

“For them, it will cost a lot of money, and they cannot leave $700 million of revenue every year and move directly, switch to stablecoins at once. And also they have banking partnerships, depending basically on the remittance side.”

“There are so many banks in the US and in North America which are totally depending. They are sending their suppliers’ money, not just immigrants or freelancers. They are also depending on it for business invoice payments.”

“So I think that’s the reason, for them it’s hard to replicate the business. They will eventually come. Instead of competing, they are going to acquire companies who already are building this infrastructure. For example, Stripe acquired Bridge for $1.2 billion, in just 2 years, because they were solving business payments for cross border.”

View quoted post on X