Solving the problem of accessing money overseas

With big plans to disrupt the international payments industry, Australian fintech start-up Pelikin is looking to cash in on our dissatisfaction with the banks.

Sam Brown’s own difficulties in accessing his funds while travelling in Europe and Asia inspired him to found Pelikin in 2015 with the goal of first becoming a multi-currency debit travel card provider.

Pelikin is preparing to launch its beta service, with plans to open registration to the public around the middle of the year.

Having relied on seed funding to date, the Australian start-up plans to take advantage of equity crowdfunding to support its next growth spurt.

The Pelikin debit card will be accompanied by an app for users to access their account, transfer funds and split bills in multiple currencies.

Meanwhile Pelikin’s lack of foreign transaction fees makes it a convenient way for Australians to pay online for services like Uber while travelling abroad.

“I’ve always been frustrated at the disjointed nature of accessing your money in Australia and then accessing it abroad,” Brown says.

“Myself and other members of the Pelikin team have also been locked out of our bank accounts or had access to funds restricted while travelling – with little information provided by the bank which had just left us stuck overseas with no money.

“That lack of transparency really drove us to come up with a better solution for Aussies travelling abroad.”

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Source: Solving the problem of accessing money overseas | Information Age | ACS