Pangea, a Chicago, Illinois-based money transfer company, as per recent reports this week, is all geared up to launch a branded checking account, thus venturing deep into the challenger banking marketspace. Reports are that the Chicago-based paytech received some customer-backed concerns that they [customers] don’t feel “a strong connection with their current financial institution”.
The firm’s current offering includes a mobile app that facilitates sending money overseas at optimized low sending fees. Pangea’s targeted customer base comprises of the Spanish-speaking immigrants who wish to transfer funds back home in Latin America. Pangea is also a dominant caterer to South East Asian countries, offering its services to India, Indonesia, and China.
In its earlier announcement this month, Pangea announced its partnership with Green Dot, a Pasadena, California-based fintech and Banking-as-a-Service (BaaS) firm, to enhance its customer experience. Moreover, Pangea also has a stern backing from KGC Capital, Chicago Ventures, Jump Capital, BW Capital Partners, OCA Ventures, and other angel investors.