The total population of Brazil is over 210 million, and the number of businesses in the country reached 4.5 million in 2017. Despite all of this the financial transactions both in the country and outside are slow and expensive. This is why Ripple, in partnership with BeeTech, a company designed to simplify and automate processes in the financial sector, is trying to reform the customer experience and optimize how Brazil interacts with the rest of the world.
BeeTech was founded in Brazil in 2016, and Alexander Liuzzi, the Chief Scientific Officer and co-founder of the company, stated that he had experienced the transaction issues himself. When studying in the United States, his family often sent him money for housing, college tuition, and other necessities. The money took days to come, which was a major obstacle for the student.
Hence, when the company started, Liuzzi, along with other co-founders, created a platform for the citizens of Brazil to make transactions, and other financial processes faster, cheaper and easier. During a presentation, he thoroughly discussed the impact that BeeTech has on the country’s financial system and how Ripple is helping to power the platform.
Liuzzi stated that BeeTech not only is a payment platform but also helps to open doors for international payments and significantly lowers transaction costs. In the last three years, the company performed over 200 thousand transactions with more than 1,5 million USD. BeeTech also has a loyal customer base and almost half of the new customers come due to references and good reviews.
By partnering with Ripple, they made the platform more efficient by decreasing the costs, offering real-time prices as well as making transaction settlements immediate. BeeTech is planning to expand its business to the United States and Europe in the near future.
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