Sendwave, a Boston-based remittance firm owned by Zepz, plans to open a neobank backed by Piermont Bank in New York.
The fintech said in a press release that Sendwave Pay will offer U.S. customers a debit card and reimbursement for international transaction fees when the card is used internationally.
“Investing in meaningful innovations to serve the needs of cross-border communities is part of our purpose and at the heart of everything we do,” Zepz CEO Mark Lenhard said in a press release.
“Sendwave Pay enables U.S.-based migrants to take their money farther, creates financial empowerment through interest schemes and competitive benefits, and firmly establishes Sendwave as a heavy hitter in the fintech space,” he added.
Sendwave Pay lets customers access up to 0.4% improvement on exchange rates and up to 25% savings on transaction fees on remittances to Ghana, Kenya, Liberia, Nigeria, Tanzania and Uganda. Customers can earn up to 0.51% interest on funds held in their accounts.
Sendwave Pay is being rolled out to select users via the Sendwave app.