PayAngel
PayAngel is a UK-headquartered cross-border payments platform that enables individuals and SMEs to send zero-fee remittances from the UK, US, Canada, and Australia to 22 African nations plus India and Bangladesh, monetised via FX spread and supported by proprietary Direct-to-Merchant and embedded insurance products.
- Company typePrivate
- Founded2013
- HeadquartersKent, United Kingdom
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What PayAngel does
PayAngel, operated by PAYINC GROUP LIMITED, is a UK-headquartered cross-border payments platform founded in 2013 that enables individuals and businesses to send money from the UK, US, Canada, and Australia to 22 African nations plus India and Bangladesh. The core product is a mobile (iOS/Android) and web application that delivers zero-fee personal remittances with sub-60-second settlement to mobile wallets, bank accounts, and cash pickup, monetised via the foreign exchange spread applied to currency conversions. PayAngel Business extends the platform to SMEs and partner remittance companies with wallet management, payment collection, and multi-corridor payout capabilities.
The platform is built cloud-natively on Microsoft Azure with PCI DSS compliance, AES-256 encryption at rest, TLS 1.2+ in transit, multi-factor authentication, and real-time fraud detection and AML/CTF monitoring. Two proprietary offerings differentiate the product surface: Direct-to-Merchant Remittances (D2MR), developed with the United Nations Capital Development Fund to enable diaspora payments directly to Ghanaian schools, hospitals, and merchants; and RemitCare, an embedded life insurance product delivered in partnership with Sanlam Allianz that activates hospitalisation and death benefit coverage for Ghanaian beneficiaries on qualifying transfers. PayAngel holds payment services licences and registrations across five regulators (FCA, FinCEN, FINTRAC, AUSTRAC, Bank of Ghana) and operates seven offices in the UK, Canada, US, Ireland, Australia, Ghana, and Kenya.
Revenue is generated primarily through the FX spread, supplemented by affiliate and referral commissions, business/enterprise payment service fees, and value-added services such as the RemitCare insurance partnership. The go-to-market combines product-led self-serve onboarding through the app and web, community-led growth within African diaspora networks via ambassadors (including Lady Dentaa Amoateng MBE and Adwoa Saah) and seasonal campaigns, and enterprise field sales for the Business product. The company is founder-controlled by CEO Jones Amegbor, has raised approximately USD 660,000 in disclosed external funding, and remains privately held with no public listing.
PayAngel firmographics
Firmographics- Name
- PayAngel
- Legal name
- PAYINC GROUP LIMITED
- Website
- https://payangel.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- PayAngel is a UK-headquartered cross-border payments platform that enables individuals and SMEs to send zero-fee remittances from the UK, US, Canada, and Australia to 22 African nations plus India and Bangladesh, monetised via FX spread and supported by proprietary Direct-to-Merchant and embedded insurance products.
- Ownership category
- akta.pro rank
PayAngel industry classification
Industry- Product category
- Cross-border remittance and payment services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cross-Border Payouts & Mass Disbursements (Pay-outs) (FSAMAIAJ)
- akta.pro secondary industries
- International Bill Pay & Cross-Border Airtime/Top-Up (FSAGAKAM), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)
Keywords
Where PayAngel is headquartered
LocationHeadquarters
- HQ city
- Kent
- HQ country
- United Kingdom
- HQ region
- Europe
Offices7 records
Markets served
PayAngel business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Foreign Exchange Spread: PayAngel generates revenue primarily through the foreign exchange spread — applying its own exchange rate to currency conversions, which may include a margin over the mid-market rate. Exchange rate margins may vary based on market volatility. No transfer fees are charged to the sender.
- Referral and Affiliate Commission: PayAngel operates a referral and affiliate program where users earn £10/$10 per successful referral and affiliates earn commission per qualifying transfer. This creates a secondary revenue lever while incentivising network growth.
- Business/Enterprise Payment Services: PayAngel Business provides payment aggregation, merchant collections, and business payouts for SMEs and partner remittance companies, generating fees for managing multi-user and multi-corridor business payment flows.
- Insurance Value-Added Services: RemitCare embedded insurance (in partnership with Sanlam Allianz) is provided at no direct cost to the sender; revenue may be generated through volume-based partnerships with the insurer or increased customer retention.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Personal Transfers — Zero Fees |
| Freemium | Monthly | RemitCare Bronze — Free Embedded Insurance |
| Transaction based/ take rate | Pay-as-you-go | Referral Reward — £10/$10 per successful referral |
| Transaction based/ take rate | Pay-as-you-go | Affiliate Commission Programme |
| Transaction based/ take rate | Monthly | Business Dashboard — Custom Pricing |
Go-to-market motion4 records
Distribution channels6 records
Marketing channels8 records
PayAngel product offering
Product offeringCore offering
PayAngel operates a cross-border payments platform enabling individuals and verified merchants/institutions to send and receive money across borders, primarily serving African diaspora communities sending funds from the UK, US, Canada, and Australia to Africa and Asia. The service features zero transfer fees, near-real-time delivery (98% of transfers in under 60 seconds), multi-currency support, and direct-to-merchant settlement capabilities for institutional recipients like schools and hospitals.
Product overview
PayAngel is a cross-border payments platform offering a portfolio of products for international money transfers. The core offering is the PayAngel Mobile App, which enables consumers and businesses to send money from UK, US, Canada, and Australia to selected countries in Africa and Asia with zero transfer fees and instant delivery. The platform is complemented by PayAngel Business for enterprise clients, the RemitCare embedded insurance add-on (partnered with Sanlam Allianz), the Rewards referral programme, and the D2MR (Direct to Merchant Remittances) proprietary solution developed with UNCDF. PayAngel's product architecture is built on a secure infrastructure supporting PCI DSS compliance, multi-currency accounts, and multiple payout methods including mobile wallets, bank deposits, and cash pickup.
Differentiator
Problem solved
Functional benefit
Brands
- RemitCare: Embedded life insurance benefit linked to PayAngel remittances for Ghana recipients, provided in partnership with Sanlam Allianz. Includes free Bronze plan with death benefit and hospitalisation coverage for qualifying transfers.
Products and services
- PayAngel Mobile Transfers Core consumer international money transfer service enabling individuals to send funds from the UK, US, Canada, and Australia to selected countries in Africa and Asia with zero transfer fees and near-real-time delivery (98% under 60 seconds). Supports mobile wallet, bank deposit, and cash pickup payouts.
- PayAngel Business Global payment solution for businesses enabling collection of payments, wallet management, transaction tracking, and local or international payouts from a unified secure platform. Targets SMEs, entrepreneurs, and partner remittance companies with multi-currency wallet and dashboard capabilities.
- RemitCare Embedded Insurance Embedded life insurance benefit linked to PayAngel remittances for Ghana recipients, provided in partnership with Sanlam Allianz. Free Bronze plan covers death benefit of 5,000 GHS and hospital benefit of 150 GHS per day (max 7 days) for qualifying transfers of GBP 100 or more monthly. Higher-tier plans available with upgraded coverage.
Quantifiable outcome
- 98% of PayAngel transfers arrive in under 60 seconds
- +4 more outcomes
Companies that use PayAngel
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles3 records
PayAngel technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
PayAngel partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- VisacorePayAngel expanded its collaboration with Visa to enhance multicurrency account and international payout capabilities. The partnership enables PayAngel to leverage Visa's global payment infrastructure for faster, more efficient cross-border payouts across 22 African nations, India, and Bangladesh, expanding the reach and reliability of PayAngel's remittance services.
- CurrencycloudcoreCurrencycloud supports PayAngel's multicurrency account capabilities and international payout infrastructure, enabling multi-currency processing and settlement across global corridors. The collaboration strengthens PayAngel's ability to offer competitive exchange rates and transparent pricing.
- Sanlam AllianzcoreSanlam Allianz is PayAngel's insurance partner for RemitCare, providing embedded life insurance (hospitalisation and death benefit) to Ghanaian beneficiaries of PayAngel remittances. The insurance is activated automatically with qualifying transfers (£100+/month) at no additional cost to the sender. Coverage includes death benefit of 5,000 GHS and hospital benefit of 150 GHS per day (max 7 days) under the Bronze plan.
- MyHelp-YourHelp Foundation (Ghana)minorPayAngel partnered with MyHelp-YourHelp Foundation for the Easter Compassion outreach at Weija Leprosarium, donating essential supplies and GH₵60,000 in cash contribution. The partnership demonstrates PayAngel's CSR commitment and enables diaspora to contribute to charitable causes through the platform.
- Tusk Foundation (Ghana)minorPayAngel's CSR partnership with Tusk Foundation supports youth basketball development programmes in Ghana. PayAngel contributes to basketball courts, equipment, and tournaments while leveraging the partnership for brand visibility and community engagement. The collaboration reflects PayAngel's mission to spread smiles and support grassroots sports in Ghana.
- Kenya Central Bank (CBK)corePayAngel is pursuing a Payment Service Provider licence with Kenya's Central Bank, with regulatory filings in the final stages. Upon approval, PayAngel will enter Kenya — one of Africa's most advanced fintech markets — establishing an East-West African payment corridor linking Ghana, Nigeria, and Kenya.
- Adwoa SaahminorAdwoa Saah, former Ghana's Most Beautiful queen and mid-morning radio host at Rainbow Radio UK, serves as a PayAngel brand influencer. Her role leverages Ghanaian media influence to promote PayAngel's remittance services within the UK-based Ghanaian diaspora community.
- WapiPayminorPayAngel and WapiPay explored collaboration on diaspora remittances in a meeting held in London, focusing on the needs of Africans in the diaspora. The discussions aimed at identifying synergies in cross-border payment solutions between the two fintech platforms.
- Lady Dentaa Amoateng MBEminorLady Dentaa Amoateng MBE, founder and president of GUBA Enterprise, serves as a PayAngel brand ambassador. As a prominent Ghanaian-British entrepreneur and philanthropist, she champions diversity, inclusion, and sustainable development, amplifying PayAngel's reach within diaspora communities.
- Bank of GhanacorePayAngel secured an Enhanced Payment Service Provider (PSP) licence from the Bank of Ghana, finalised in October 2023. This regulatory milestone empowers PayAngel to expand into domestic payments, merchant solutions, and cross-border remittances in Ghana and across Africa.
- UNCDF (United Nations Capital Development Fund)corePayAngel partnered with UNCDF to scale its Direct-to-Merchant Remittances (D2MR) solution, funded under the EU's Boosting Green Employment and Enterprise Opportunities in Ghana project. The initiative targets diaspora investment into the Ashanti and Western Regions of Ghana, enabling direct remittances to the Financial Services, Educational, and Health sectors. The D2MR solution was officially launched at Barclays Rise, London.
Scale indicators9 records
Recent moves7 records
Expansion highlights6 records
PayAngel competitors and assessment
Company assessmentBroad incumbents
- MoneyGram: Global incumbent in cross-border money transfers with broad African and Asian payout coverage, including mobile wallet and bank rails. Comparable to PayAngel in corridor coverage but operates at much larger scale and across a wider product portfolio.
Emerging players
- WapiPay: Africa-focused digital remittance platform with a presence in Europe and Africa. PayAngel has explicitly explored collaboration with WapiPay on diaspora remittance, signalling product and geographic overlap.
Regional players
- Dahabshiil: Largest Africa-based remittance and money transfer operator with a vast agent network across the Horn of Africa and diaspora corridors. Comparable to PayAngel in African receiving coverage but operates via cash-pickup-led model rather than mobile-first.
Direct peers
- Chipper Cash: Pan-African cross-border payments and mobile money platform enabling transfers across African countries and from the diaspora. Comparable to PayAngel in African corridor focus and mobile-first delivery, though broader intra-African scope.
- Sendwave: Mobile-first remittance app focused on African corridors with zero-fee transfers and mobile money payout. Direct competitor to PayAngel in UK/US-to-Africa remittance for diaspora senders.
- LemFi: Diaspora-focused cross-border payments startup serving immigrants from Africa and South Asia sending money home from the UK, Canada and US. Closely comparable product-led mobile model and corridor mix to PayAngel.
- Taptap Send: Mobile-only remittance app serving diaspora corridors to Africa, Asia and Latin America with zero-fee positioning and community-led growth. Direct competitor to PayAngel in zero-fee, app-first remittance to African markets.
- Remitly: US-headquartered digital remittance platform serving diaspora corridors from the US, UK, Canada and Australia to Africa, Asia and Latin America. Closest direct competitor to PayAngel given overlapping send countries, Africa focus, mobile-first product and zero/low-fee positioning.
- WorldRemit: Global digital remittance operator with deep Africa and Asia payout network, mobile wallet and bank account delivery, and diaspora-focused mobile app. Competes head-to-head with PayAngel across UK-to-Ghana and other African corridors.
- Wise (TransferWise): Multi-currency cross-border payments platform with transparent mid-market-rate pricing and broad global corridor coverage. Comparable to PayAngel in transparent FX-led pricing model, though larger scale and broader geographic reach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
PayAngel social profiles
Digital presencePayAngel financial estimates
Financial estimateRevenue estimate
Valuation estimate
PayAngel leadership team
Management profileNumber of profiles
Profiles3 records
PayAngel subsidiaries and ownership
Company hierarchySubsidiaries4 records
PayAngel funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PayAngel M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PayAngel
What does PayAngel do?
PayAngel operates a cross-border payments platform enabling individuals and verified merchants/institutions to send and receive money across borders, primarily serving African diaspora communities sending funds from the UK, US, Canada, and Australia to Africa and Asia. The service features zero transfer fees, near-real-time delivery (98% of transfers in under 60 seconds), multi-currency support, and direct-to-merchant settlement capabilities for institutional recipients like schools and hospitals.
Is PayAngel a public or private company?
PayAngel is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was PayAngel founded?
PayAngel was founded in 2013. It employs 51 to 100 people.
Where is PayAngel based?
PayAngel is headquartered in Kent, United Kingdom, in the Europe region.
How does PayAngel make money?
Four revenue lines are on record. Foreign Exchange Spread is the primary driver. The others are referral and Affiliate Commission, business/Enterprise Payment Services and insurance Value-Added Services.
Who are PayAngel's main competitors?
MoneyGram is listed as a broad incumbent. WapiPay is listed as an emerging player. Dahabshiil is listed as a regional player. Direct peers are Chipper Cash, Sendwave, LemFi, Taptap Send, Remitly, WorldRemit and Wise (TransferWise).
Does PayAngel have an API?
No public API is recorded for PayAngel.
What industry is PayAngel in?
PayAngel's product category is Cross-border remittance and payment services. Its primary akta.pro industry code is FSAMAIAJ, Cross-Border Payouts & Mass Disbursements (Pay-outs), with a secondary code of FSAGAKAM, International Bill Pay & Cross-Border Airtime/Top-Up. Its NAICS code is 52232 and its SIC code is 6199.