Money transfer app Pangea looking to offer checking accounts
Money transfer company Pangea is looking to expand into the world of challenger banking, as it prepares to launch a branded checking account.
“A strong connection with their current financial institution”
According to American Banker, the paytech, based in Chicago, has seen customers raising the fact that they don’t feel “a strong connection with their current financial institution”.
Pangea’s current offering consists of a mobile app through which people can send money abroad for low fees. As it is based in the US, its major target customer is Spanish-speaking immigrants who want to send money back to their home country in Latin America.
The firm also caters heavily to South East Asia, with services in countries from India to Indonesia and China.
Recently, the firm announced a partnership with Green Dot, a fintech and Banking-as-a-Service (BaaS) provider, to design a mobile banking service for the best customer experience.
The firm is led by Nishu Thukral, CEO and president, who has been in the role since 2012.
Pangea is backed by KGC Capital, Chicago Ventures, Jump Capital, BW Capital Partners, OCA Ventures and other angel investors.
For a list of US-based challenger banks, check out the one FinTech Futures has compiled!
