Why did Zolve decide to prioritize bank accounts and cards over remittances when entering the cross-border fintech space?

Look at it like this. We provide a bank account. Once our customers get a bank account, what is the next step that they will do? Fund the account. You understand remittances because you're looking at cross-border. When someone is looking at cross-border for the first time, they will not even know the meaning of the word “remittance.” How many people know the names of Remitly or TransferWise or MoneyHop? They don't know all this. 

You create an account, and there's a call to action immediately. Now fund the account. The remittance happens instantaneously. We don't even have to call it a remittance. This way, we own the flow. If somebody uses MoneyHop or Winvesta for remittances, they need to have a destination account. These are migrants who are traveling, and they don't have an account. We create that account for them. MoneyHop and Winvesta also have to compete with the TransferWises and Remitlys of the world to do remittances. So we're not really looking at remittances as a competing product with TransferWise or others. 

For us, this is like the immediate next step, and they don’t even have to know that they’re called remittances. We are ahead in the customer lifecycle. I'm traveling now, and I need a bank account there so that my money is waiting there. So I create a bank account and fund the account. It's part of the journey.