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SOMPO Holdings, investment in international remittance company that services in Africa

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SOMPO Holdings , which has insurance companies such as Sompo Japan, invested in BitPesa , a company that develops international remittance services, mainly in Africa, and found that they have signed a business alliance.

SOMPO Holdings said it will acquire 10% of the shares of BitPesa for 570 million yen and will work on joint development of international remittance service that dramatically reduces commissions and processing time.

SOMPO Holdings, which is a part of “Three Mega Insurance”, is a large enterprise engaged in domestic damage / life insurance, investment advisory, nursing care work.

BTC Africa AC, commonly known as BitPesa, which the company has decided to make a new investment / business alliance, is a startup that provides international remittance services around Africa.

In addition to SOMPO Holdings, BitPesa is also funded by major crypto funds such as Draper VC and Pantera Capital.

In addition to BitPesa, many international companies including Ripple and IBM have begun to develop and disseminate international remittance services that utilize cryptographic asset technology.

Such new services are expected to bring innovative benefits to countries and regions where basic financial infrastructure like African countries does not reach citizens.

Article source etc:

  • SOMPO HOLDINGS PRESS RELEASE (Japanese)
  • BitPesa Official Website (English)

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/sompo-holdings-invests-in-bitpesa/

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