The Bigger Mission
By Paul Proctor
There is not a more worthy mission than creating and improving quality of life for every person around the world. This is the mission that drives me every day of my life, and is what led me to create the FinTech startup, Sendmi. Sendmi’s mission is simply to improve financial infrastructure so that people can send money to their family members without high fees and with the protection that transparency brings.
Because the single largest motivating force behind economic growth in any country worldwide is access to credit, Sendmi’s ability to improve credit access for people around the world is incredibly impactful. According to Harvard professor Lance Pritchett, a third of the U.S. budget, around $600 Billion, comes from transfer fees incurred when people send money to their out-of-country families. Getting inside that system and creating efficiencies, lowering transfer fees, and ensuring funds aren’t lost in the transfer process can have a direct impact in lifting people out of poverty.
Having experienced this first hand, I know the incredible importance of building a money transfer system that works seamlessly from country to country. For years, my family sent funds to our Korean family to provide needed support. We’ve lost too much money due to excessive fees and money being lost in an out-of-country transfer, money that could have gone to things like education or healthcare.
With Sendmi, people don’t have these issues because funds come directly out of payroll, making the fees lower and transactions traceable.
As you can see, Sendmi makes life better for people. I’ve always had the drive to be an entrepreneur, to build something new. It’s been quite a process to get here, as the entrepreneurial road can be long and arduous. But it’s truly amazing when you love what you’re doing and there’s an intersection of market and passion. When that happens, people become as passionate as we are.
I’m grateful that The Venture Center and FIS see the value in Sendmi, and that both companies are as passionate about the service we provide as we are. FIS and The Venture Center have put together an amazing group here, too. The other companies participating in the Accelerator program that aren’t direct competitors, and in fact have the possibility for synergy later on. Every effort made by this cohort, The Venture Center, and FIS is about maximizing the impact. And the more people you have in the trenches with you, working with you to make your company and product better, the greater impact we’ll all have.
The Venture Center is pleased to feature each of our Summer 2019 Accelerator Portfolio Companies on The Venture Center blog. We find the most talented, passionate entrepreneurs on the planet and work together to accelerate their companies and their products. Our portfolio companies are brilliant, tough, and tenacious. Follow our guest blog series to read about each of them. We know you’ll find these men and women as inspiring as we do.