What happens when you are the first customer of your own Fintech!

One of the best opportunities for entrepreneurs working in the foreign exchange sector while living abroad is being a regular customer of the service their own company offers.

Many of the ideas we implemented in IZZI came from the needs I personally had as a direct consumer of this type of service for at least five years, since I moved to the United States from Brazil.

The result is a product that was born and developed with a strong focus on user experience. In my role as CEO, I analyze markets, help structure the company, recommend strategies, and test possibilities. As a customer, I know firsthand the challenges faced by those living outside the country and needing to make international remittances, as well as the obstacles and necessary changes in the processes.

One of the initial insights was that, in a foreign land, immigrants often seek what is familiar and close to them. In an environment that presents numerous challenges due to its novelty, customers are always looking for convenience and security, especially in important services like financial ones. This is why IZZI reflects that in features like the app interface, language, personalized customer support, and the way the service is designed to connect people and make them feel at ease anywhere on the planet.

One of the first major challenges for our fintech was precisely what accelerated its entry into the market. In March 2020, B&T Câmbio, one of the largest currency exchange brokers in Brazil, had a network of more than 100 physical stores where international transfers could be withdrawn in cash. But during the height of the pandemic, all these locations were forced to close for months.

To ensure accessibility to funds, one of the solutions was to present the MVP (Minimum Viable Product) of this innovative international remittance fintech in less than three months.

Since then, the product, which utilizes B&T's API for operations, has been refined and officially relaunched in 2022 under the name IZZI, with brand-new functionalities.

In a market dominated by large banks and global technology players, estimated in Usd 28 billion according to the Central Bank, we have been agile in breaking paradigms. Currently, our customers can send money from Brazil to Europe in 10 minutes, whereas traditional models typically take two days. Costs have also been reduced significantly. A transaction through IZZI can be up to 70% cheaper compared with traditional banking institutions in Brazil.

As next steps, IZZI is expanding to the United States, enabling payments from there to Brazil and to the world. And also, now processing payments for brazilian employees remotely hired by international companies, addressing the growing demand for international payroll and other types of b2c and b2b cross border payments.

Being a customer of my own fintech helps manage the company developments and growth, by gaining a deeper understanding of what other clients needs through observation, conversations, and research. Soon, IZZI, which currently serves the Brazilian community, will reach other economies and communities. Always with the concept of being friendly, simple, approachable, and, as the name suggests, IZZI peasy for everyone.

By Vivian Portella, CEO IZZI Remessas and Director of International Business at the B&T Group.

She has been working for over 15 years in the International Transfer Financial sector. Holds a master degree in Business Management and Foreign Trade, with specialization in Governance and Compliance for Financial Institutions, and more recently specialized in Fintech from Harvard University.