Making international payments for migration-related activities is a recurring problem that most migrants encounter. Co-founders Abimbola and Olusola Amusan, experienced this challenge first-hand in 2019 while, moving to the United States to attend the Peace Tech Accelerator in Washington D.C. Similarly, the same challenge surfaced when they decided to migrate to the United States. The Duo decided to take up the challenge to create a solution that will correct this market gap for migrants. On the back of this challenge, Vesti App was created to provide on-demand financial services to migrants.
The United Nations reports that there are nearly 300 million migrants living in countries other than where they were born. Out of this number, 45 million face difficulty in accessing financial services when they leave their home country. This segment forms Vesti’s primary target, which it offers a suite of financial services like bank accounts, debit, and credit cards. Additionally, Vesti allows migrants seeking opportunities to move to Europe and North America for work and study, to receive and transfer money, as well as make international payments conveniently. Vesti now has 100,000 users who have created migration profiles and wallets. The company has also disbursed N250 million in migration loans and has had over 4 banking partners. Moreover, the company is backed by both African and US-based investors and boasts of a thriving community of dreamers who represent the next generation of builders.
Behind the applaudable achievements of Vesti, are two young entrepreneurs – Olusola (Co-founder/CEO) and Abimbola (Co-founder/COO).
Olusola is primarily recognized as an AI enthusiast and, more recently, an advocate for skilled migration. Prior to launching Coven Works, he served as the Philanthropies Lead for Microsoft Nigeria and spearheaded several significant software projects as a senior architect and engineering manager. In 2019, Olusola relocated from Nigeria to the United States of America. Since then, he has extended advisory services to an estimated 7,000 individuals seeking foreign education or lawful immigration to another country.
On the other hand, Abimbola is a US-trained Lawyer working in Immigration Law. In 2019, he became a Youth Development Specialist at the NYC Administration for Children’s Services. In 2020, he took on the role of Student Ambassador at the New York City Bar Association. He was recently selected as a member of the Forbes Council.
Healthcap Africa is thrilled to be an investor in Vesti, as it aligns with our fund’s objective of increasing access to financial services for more Africans and promoting Africa’s integration into the global financial system.