Manila, Philippines — Ten years after it was established to address the difficulties of international remittances, BCRemit has reached US$1 billion in total processed transactions and is preparing to broaden its business beyond the traditional remittance market.
The Filipino-founded fintech company has processed more than one million transactions and expanded its operations to 24 countries.
Its story began in 2016 when former overseas worker Oliver “Bong” Calma and his son Jose Angelo “Gio” Calma decided to build a financial service based on challenges they had experienced themselves.
Sending money home could involve high fees and long waiting periods. BCRemit was created to provide an alternative that could allow overseas Filipino workers to transfer funds more quickly.
“Our mission has always been to show that Filipino-led innovation can offer transformative solutions to the world,” said Oliver Calma, Founder and CEO of BCRemit.
The company has since developed a cross-border payment infrastructure that uses blockchain technology and USD stablecoins. BCRemit says this technology has helped bring average transaction costs to approximately 1%, with zero hidden fees.
The company cites the global average remittance cost at 6.4%.
Transaction speed has also been a major part of the platform’s development. BCRemit’s infrastructure supports near-instant transfers, reducing reliance on traditional processes that may take three to five days.
The service has expanded alongside the company’s international presence.
BCRemit entered Spain in June 2021 through licensed entity BC Remittance S.L., establishing a regulatory passporting foundation for its European Union activities. Canada followed in January 2022, while the company entered the United States in August of the same year.
For recipients in the Philippines, BCRemit provides several payout options. Funds can be sent directly to banks including BDO and BPI, collected through cash pickup locations, or transferred to e-wallets such as GCash and Maya.
BCRemit has also added services designed to address the other financial responsibilities of overseas Filipinos.
Its BCRemit Pay service allows users to make payments for SSS, Pag-IBIG regular and MP2 savings, loan repayments, property bills, and mobile top-ups.
The company complements its digital services with 24/7 human customer support, allowing users to access assistance while managing transactions that can directly affect their households.
The next chapter of the company’s growth is focused on expanding its payment infrastructure to new customer groups.
BCRemit is scaling its payment rails for SMEs, BPO companies, and freelancers that need cross-border settlement services. It is also developing white-label payout integrations for third-party financial institutions.
Geographic expansion will continue alongside this business development. The company is preparing for launches in high-volume corridors across the Middle East and Asia-Pacific, with Saudi Arabia, Australia, Japan, and South Korea listed as priority markets.
BCRemit’s operations are conducted under the regulatory oversight of several financial authorities, including the Bangko Sentral ng Pilipinas, the UK’s Financial Conduct Authority, Banco de España, FINTRAC, and the Bank of Canada.
The company says its services are designed to serve a market connected to more than 10.8 million overseas Filipinos worldwide.
From a platform created to address the everyday challenge of sending money home, BCRemit has grown into a wider financial technology business with consumer, enterprise, and institutional ambitions.
As it enters its second decade, the company’s US$1 billion milestone comes alongside plans to build more payment corridors and extend its infrastructure to businesses and financial institutions.
For details on BCRemit’s services and upcoming expansion, visit the official BCRemit website and follow the company on Facebook, Instagram, and TikTok.
ABOUT BCREMIT
BCRemit is a Filipino-founded global financial technology company providing digital remittance and cross-border payment services. Built around the needs of migrant workers, BCRemit enables customers to send money through its mobile app, website and supported service channels, alongside value-added services including bill payments, mobile top-ups and digital-wallet payouts.
Beginning its remittance journey in the United Kingdom in 2016, BCRemit has expanded across Europe, the United States, Canada, the Philippines and other markets and says its services are now available in 24 countries. The company operates within regulated financial-services frameworks in its respective markets and maintains a focus on technology, compliance, affordability and customer support.
For more information, visit the BCRemit website or download the BCRemit app through the Apple App Store or Google Play.