- Ayannah provides digital commerce, payment and remittance services to the unbanked resident Filipinos in the Philippines and migrant Filipinos working overseas.
- Ayannah was founded in 2008 and operates 3 main platforms: Sendah, Sendah Direct and Sendah Remit.
- In the next two years, Ayannah aims to grow achieve a 15% market share of the domestic remittance market in the Philippines and expand its services into Singapore, South Asia, Southeast Asia and the US.
- It aims to expand beyond payments and remittances into big data analytics, leveraging enormous payment data it is accumulating to provide value-added digital financial services such as identity verification, credit scoring and lead generation.
- Ayannah plans to publicly list its Sendah platform in the Philippines in 2017. It is, however, leaving out its data analytics offshoot for a separate liquidity event in the future.
The problem of financial inclusion
- Globally a large number of people are unbanked, especially in developing countries.
- In Asia where 490 million in the region still lack a bank account, remittances are a crucial part of the economy. Global international remittances in 2012 are around US$514 billion, with US$401 billion sent to developing countries.
- Specifically in the Philippines, personal remittances is about US$10 billion in the first 5 months of 2014 – the bulk of it from abroad. ~42,000 villages in the Philippines are in rural areas where traditional branch banking has limited reach, and estimates that 96% of all transactions are made in cash.
- Ayannah aims to provide financial inclusion to the unbanked/underbanked in Philippines using 3 core platforms: Sendah, Sendah Direct and Sendah Remit
- User base: >1 million repeat customers in total. (Est) 9,000 agents on board Sendah Direct and Sendah Remit in 2015
- Funds raised: 4 funding rounds totaling US$7.5 million; latest funding round in Dec 2015 (US$3 million raised)