Finance upstarts step in where banks fear to tread

Making it easier to send money back to family overseas was the key driver for the founders of EzyRemit.

EzyRemit was born as a result of the frustration its founders, Allan Nguyen and Quoc Ngo, experienced when they sent money back to their home country of Vietnam, to support their families. Solving this problem has been the springboard to success for the business, which is among this year’s AFR Fast Starters in the banking and finance category.

“I found existing remittance services overly complex and time-consuming for me and for my clients who were seeking international investment opportunities,” says Nguyen.

Founders of international money transfer company EzyRemit Allan Nguyen (left) and Quoc Ngo. 

So Nguyen combined his financial acumen with Ngo’s tech expertise to form EzyRemit, which is disrupting the way people send money overseas. The business has earned a reputation for low fees, favourable exchange rates and secure, speedy transfers.

Headquartered in Sydney, EzyRemit operates on a global scale as a fintech. The company specialises in remittance services, facilitating educational and business payments. It has also developed EzyTravel, which is an e-wallet designed for travellers going to Vietnam.

The diverse range of services it now offers means EzyRemit can address a number of different needs within the ever-evolving fintech landscape.

Ngo, who is CEO, has extensive experience in technology and IT, having worked on large-scale tech projects in both commercial and government sectors. His ability to navigate the complexities of the tech realm laid the foundations for EzyRemit’s success.

Nguyen, as CFO, has a financial and accounting background and has provided advice to numerous companies and corporations prior to founding EzyRemit. “My expertise in financial matters complements Quoc’s technical prowess. The synergy between us, coupled with a dedicated and talented team, has propelled EzyRemit to its current stature.”

It truly has been a fast start for EzyRemit, which saw its revenue rise from $45 million to $127 million between 2022 and 2023, on a compound annual growth rate of 213 per cent. Over the past year, it has also tripled its user database and expanded its reach to more than 50 countries. With more than 600 agents and six offices worldwide, EzyRemit’s growth is a result of the team’s collective efforts and strategic vision.

“EzyRemit’s journey began with a clear focus on three key elements: simplicity, speed and security,” says Nguyen.

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Starting from scratch, the company initially centred its operations on transfers from Australia, before EzyRemit rapidly expanded its services around the world.

Like any emerging business, EzyRemit has had its share of challenges. Adapting to the diverse regulations of each country has presented hurdles, as has addressing the different needs of its different customer segments.

“Navigating these challenges required agility and a deep understanding of both the financial and technological landscapes,” says Nguyen.

Looking ahead, EzyRemit wants to expand its reach even further, with plans to cover more than 150 countries and establish additional offices globally.

The company aims to optimise the money transfer process through an enhanced settlement network, ensuring efficiency and reliability for its users. As EzyRemit continues to evolve, its commitment to innovation remains a priority.

This article was provided by EzyRemit