Topremit, from Family Business to Forbes Under 30
The founders of the online remittance application, TopRemit, Hermanto and Henry Wirawan are listed as representing Indonesia in the Forbes Under 30 Asia list in the Financial and Venture Capital categories.
The siblings have recorded good achievements by generating transactions worth IDR 1.1 trillion during 2020 in the TopRemit application.
Previously, TopRemit was awarded the ‘Best Money Transfer Service Provider 2019’ in exactly one year the startup was founded in 2018. For information, it is one of the pioneers of digital money transfer applications in Indonesia.
“With an online system, Topremit provides a more practical and traceable money transfer service in real-time,” wrote the CEO, Hermanto, in his official statement, Thursday (29/4/2021).
Number of Users Increased during the Covid-19 Pandemic
During the pandemic, TopRemit has recorded a significant increase in the number of users. With 14,700 users in 2019, then this jumped by 250 percent to 66,200 users. Until April 2021, its users have increased by 45 percent to 89,800 users.
For information, the TopRemit application serves international transfers to 60 other countries with the three most popular shipping destinations from Indonesia, namely the Philippines, Malaysia and India.
In the future, both of them hope to record 100 percent user development in 2021. “For our long-term ambition, we want to continue to improve our system so that everyone can send money between countries as easily as chatting,” said Hermanto.
Starting from a Family Business
Topremit comes from a family business. It started in Medan in 2009 as a conventional remittance business. To answer the market demands for easy and mobile remittance services, Topremit launched a mobile application on the iOS and Android platforms.
In 2018, Hermanto and Henry decided to digitize their remittance business and become pioneers of online remittance services in Indonesia.
Within a year, Topremit launched a mobile application in October 2019 and received an award from Bank Indonesia as “Best Money Transfer Service Provider 2019”.
Topremit provides an online money transfer service that is more practical, easy, and can be tracked in real-time.
Money transfer costs are also borne by the sender, so that the money will be received in full without any deductions. Funds that can be sent abroad are starting from IDR 45 thousand only.
The cost of money transfer services via Topremit is claimed to be 87% more affordable compared to conventional methods.
The company also guarantees transparency of fees and rates, so that if a delivery transaction fails, all funds will be returned to the sender without any deductions.
Has been Licensed and Supervised by Bank Indonesia
To ensure security and legality, Topremit has also been licensed and supervised by Bank Indonesia as an official “Fund Transfer Operator”. Topremit is available on web, iOS, and Android platforms to more than 60 countries in Asia, Australia, UK and Europe.
Through its online platform, Topremit has been trusted to send more than IDR 1.1 trillion in total transactions throughout 2020. Meanwhile, in the first four months of 2021, it has facilitated total money transfers of up to IDR 1.88 trillion.
Topremit’s main users are expatriates who work in Indonesia, parents of students abroad, as well as export-import business players.
The International Transfer Service in the Topremit application makes it easy for users to send money to more than 60 countries, such as the United States, China, Singapore, and Australia.
“For this reason, Topremit is committed to continuing to expand our collaboration with partners abroad, to open remittance routes to various other countries,” said Topremit CMO, Henry Wirawan.
According to Henry Wirawan, by far, the three most popular destinations for remittances from Indonesia are the Philippines, Malaysia and India. The siblings are targeting Topremit to be able to record a growth in the number of users of up to 100% in the following year.