Cape Town-based fintech Mama Money is growing fast as it expands globally. This year, its cross-border money transfer volumes have more than doubled compared to the previous quarter with the company aiming to double its market share by developing new services as it enters new regions.
From 2018 to 2021, the company’s volume increased by over 600% as it enabled migrants in South Africa with an affordable and reliable way to send money to their families in countries such as Zimbabwe, Mozambique, Nigeria, India, Bangladesh, Pakistan, and many more.
Mama Money’s expanding footprint now reaches over 50 countries across Africa, Asia, and Europe.
Mama Money is a fintech that highlights how being rooted in social impact does not only drive immense growth by providing crucial services to underserved communities, but by centering its culture on values of tech-for-good, the company attracts staff who care about making a real difference.
This is what happened to Nicolas Vonthron, who had an international corporate career before joining Mama Money in 2018. Vonthron has over 15 years of experience in the mobile and payments industry at large multinationals and has now been appointed as Mama Money’s CEO. “What differentiates Mama Money is that our growth is not fuelled by external investments. Our business model balances fast growth, performance and operational efficiency with a very caring company culture. Our future prospects are extremely promising, but more importantly, the opportunity for social impact is even greater,” said Vonthron.
The next stage of growth for the international payments fintech will come from new products, including a bank card to service millions of migrants in South Africa and an inbound payments service to facilitate money transfers into Africa and Asia from the rest of the world. Mama Money’s evolution will see the fintech develop a customised suite of services that cater to the needs of millions of migrants. This may include affordable insurance and financial support services for critical needs such as healthcare and education.
Mama Money’s human factor and culture remain the driving factor of its success. Even following a difficult but necessary restructuring, this has always remained at its core. It speaks to customers in the language of their choice and employs members of migrant communities to build trust and create jobs. Mama Money’s ethos is to empower people with access to crucial services that make life easier.
Mama Money’s co-founders Mathieu Coquillon and Raphael Grojnowski have led the business since its launch in 2015 and they have created an impressive culture. Both remain in the business, heading business units, catering to their strengths and working closely with teams to ensure the culture is maintained and the goals are achieved.
“Our team culture is our greatest strength. The work we do has a tangible impact on millions of people’s lives. We solve fundamental challenges through innovative tech. It’s the strongest foundation we have,” added Mathieu Coquillon.