YouSend, a cross-border payments platform using stablecoin technology, has officially launched its services in the United Kingdom and Canada. The launch follows a successful private beta where the company processed over $1 million in transactions via a referral-only system. The application is designed for African diaspora communities, facilitating rapid money transfers to Nigeria, Ghana, Kenya, and Tanzania.
A New Era for Remittance with Stablecoin Settlement
YouSend's model replaces the traditional prefunded float system, which often causes delays and is limited by banking hours. By leveraging stablecoin settlement on a blockchain, the platform facilitates near-instantaneous value transfers 24/7. This technological shift fundamentally alters the speed and efficiency of sending money internationally, addressing long-standing industry challenges.
During its beta phase, the company demonstrated remarkable efficiency, with 95 percent of transfers completing in under two minutes. Now publicly available, YouSend reports an average settlement time of less than 15 seconds across over 10,000 transactions. This rapid execution is a direct result of bypassing complex legacy banking infrastructure.
Establishing Credibility with Multi-Jurisdictional Compliance
Before its public debut, YouSend secured comprehensive regulatory approvals across its key operational markets to build user trust. The company is registered as a Small Payment Institution with the UK's Financial Conduct Authority (FCA). It also holds licenses from Canada's FINTRAC and the Central Bank of Nigeria.
Achieving this triple-jurisdiction compliance underscores the company's commitment to operating within established financial regulations from day one. This proactive approach to regulatory adherence provides a solid foundation for sustainable growth and user confidence. It distinguishes YouSend in a competitive market where credibility is paramount for long-term success.
Tackling High Costs in a Growing Market
The platform enters a significant market, with UK international remittances reaching $11.46 billion in 2024 and projected to grow. However, the cost to send money to Africa remains high, with fees ranging from five to nine percent. YouSend's architecture is designed to structurally reduce these costs, aligning with the UN's goal of sub-three percent fees.
Co-founder Adeoye Ojo stated that the legacy prefunded model has kept remittances slow and expensive for decades. He explained that "stablecoin settlement changes the physics of the problem," a realization that stemmed from his own experiences. Ojo emphasizes that the platform is built from within the diaspora community it serves.
Garnering Support from Key Industry Investors
While YouSend has not announced a public funding round, it has attracted backing from a notable group of investors. The company is supported by Digital Currency Group, CMT Ventures, Blockwall, CoinSwitch Ventures, and Musha Ventures. Angel investor Pule Taukobong also contributed, signaling strong confidence in the platform's vision.
Pratyush Shah of CoinSwitch Ventures praised the company's approach, calling cross-border remittances a powerful "real-world application" for stablecoins. He noted that YouSend combines regulatory credibility with a focus on speed, reliability, and customer experience. These elements are critical for building enduring and trusted financial infrastructure in the modern economy.
With its official launch, YouSend is poised to impact the international remittance landscape for the African diaspora. By combining stablecoin technology with a strong regulatory foundation and user-centric design, the company offers a compelling alternative to traditional services. The app is now available for download, with plans for future expansion into the European Union and the United States.