placid net

What placid net does

Placid Express (legal entity Placid NK Corporation DBA Placid Express) is a privately-held international money transfer operator founded in 1996 and headquartered in Jackson Heights, New York, with regional operations in Rome (Placid Express Srl, EU) and Kuala Lumpur (Placid Express Sdn Bhd, Malaysia). The company provides cross-border remittance services from the United States, four EU markets (France, Italy, Portugal, Spain), and Malaysia to recipients in 30+ countries, with corridor concentration in South Asia (Bangladesh, India, Nepal, Pakistan, Sri Lanka) and the Philippines. Its technology stack combines a cloud-based processing platform with direct integrations into Visa Direct, InstaPay, IMPS, bKash, HDFC, Yes Bank, BDO, Cebuana Lhuillier, and M Lhuillier, a mobile-first iOS/Android app suite with biometric login (4.8/5 rating), an authorized US agent network, Malaysian branch locations, and a Tier 1 cash pickup product called spotCash!. Regulatory positioning is multi-jurisdictional: NMLS ID 1074458 and 30+ US state money transmitter licenses plus FinCEN MSB registration in the US, Banca d'Italia payment institution authorization with EU PSD passporting, and Bank Negara Malaysia money remittance permission. The business generates revenue primarily through foreign exchange margin spreads on currency conversion, transaction fees (with several corridors offered at zero transfer fee), debit card processing fees, and an EU white label licensing program in which partners pay wholesale rates to deploy branded apps on Placid's license and compliance infrastructure. The company is founder-led (co-founded by Dr. Kamal U. Ahmed and Mohammed H. Rashid), with no disclosed institutional, venture, or private equity backing.

Name

placid net

Legal name

Placid NK Corporation DBA Placid Express

Website

https://placid.net

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Placid Express is a US-headquartered, multi-jurisdictional licensed money transfer operator serving diaspora workers sending remittances from the US, EU, and Malaysia to recipients in 30+ countries, primarily across South Asian and Filipino corridors, via mobile app, agent network, and cash pickup.

Ownership category

akta.pro rank

Product category

International Money Transfer / Remittance Services

akta.pro primary industry

Consumer Remittances (P2P) (FSAMAIAA)

akta.pro secondary industries

Consumer P2P International Remittances (FSAGAKAA), Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)

Keywords

• International money transfer
• Remittance services
• Cash pickup services
• Foreign exchange
• Diaspora payments

Headquarters

HQ city

Westbury

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Currency Exchange Margin: Placid makes money when converting source currency to destination currency. Exchange rate applied to transfers includes a margin spread. For example, 1 USD = 92.11 INR shown to customers includes wholesale rate plus margin.
2. Transfer Fees: Some corridors charge transfer fees. However, debit card transfers to certain destinations (e.g., India) show $0.00 transfer fee. When fees apply, they vary by destination country, payment method, and amount sent.
3. Debit Card Processing Fees: When funded with debit card, a small fee may be charged for certain corridors, though transfers process faster than ACH-funded transfers.
4. White Label Licensing: EU white label partners pay wholesale rates to Placid Express Srl for money transfer infrastructure, license access, and compliance. Partners set their own pricing and keep margin minus transparent wholesale rates.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

Placid Express operates a multi-channel international money transfer and remittance platform enabling individual customers to send funds from the US, EU, and Malaysia to recipients in 30+ countries. The service supports bank deposits, mobile wallet transfers (bKash, IMPS, InstaPay, Visa Direct), and the spotCash! Tier 1 cash pickup service. The company also offers an EU white label program that licenses its payment institution infrastructure, compliance systems, and mobile apps to partners launching branded remittance services.

Product overview

Placid Express operates as a multi-channel international money transfer platform consisting of a core web/mobile platform for sending money, supported by native iOS and Android mobile apps with biometric security. The service offers two primary delivery methods: bank deposits and the spotCash! Tier 1 cash pickup service. The company also operates an EU White Label Program allowing partners to launch branded remittance services using Placid's licensed infrastructure. Transfers are available from three sending regions (US, EU, Malaysia) to over 30 destination countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Placid Express International Money Transfer Multi-channel international money transfer platform enabling customers in the US, EU, and Malaysia to send funds to recipients in 30+ countries with bank deposit and cash pickup delivery options. Targeted at individual diaspora workers and immigrants sending personal remittances.
• spotCash! Tier 1 Cash Pickup Tier 1 Cash Pickup service allowing recipients to collect funds from any participating institution branch by providing a tracking number, without needing to select specific locations. Available through partners including BDO, Cebuana, M Lhuillier, HDFC, and Yes Bank.
• Placid Money Transfer App (iOS)

Quantifiable outcome

• $1B+ transferred safely worldwide
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability4 records

Feature9 records

Partnerships

Ten partnerships are on record, tiered core.

• BDO (Banco de Oro)coreChannel Partner/ Reseller/ DistributorCash pickup partner in Philippines. Recipients can collect Placid transfers from any BDO branch nationwide using tracking number.
• Cebuana LhuilliercoreChannel Partner/ Reseller/ DistributorCash pickup partner in Philippines. One of the largest pawnshop and microfinance companies, providing extensive rural coverage for cash collection.
• M Lhuillier (M Lhuillier Financial Services)coreChannel Partner/ Reseller/ DistributorCash pickup partner in Philippines. Provides microfinancial services and money remittance through extensive branch network.
• HDFC BankcoreTechnology or IntegrationBank deposit partner for India corridor. Enables direct fund transfers to HDFC accounts and interbank transfers to other Indian banks.
• Yes BankcoreTechnology or IntegrationBank deposit partner for India corridor. Provides IMPS/NEFT transfer capabilities for instant fund delivery to Yes Bank accounts.
• Visa DirectcoreTechnology or IntegrationPayment network integration enabling push payments to eligible Visa cards. Part of high-speed payment rails infrastructure.
• InstaPaycoreTechnology or IntegrationReal-time interbank electronic fund transfer service in Philippines. Enables instant transfers to participating banks and e-money issuers.
• IMPS (Immediate Payment Service)coreTechnology or IntegrationReal-time mobile banking payment service in India. Enables instant money transfers through mobile phones and internet banking.
• bKashcoreTechnology or IntegrationMobile financial service partner for Bangladesh. Enables cash-out up to 100,000 Taka per transfer. Popular mobile money service in Bangladesh.
• Plaid InccoreTechnology or IntegrationBank account verification service. Placid uses Plaid to securely authenticate bank accounts for ACH transfers. Plaid never shares credentials with Placid.

Scale indicators12 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Western Union: The global incumbent in cross-border money transfers with the largest agent network and brand recognition worldwide. Placid's EU CEO Nico Torni came from Western Union's senior ranks, and the two compete directly in the same diaspora corridors Placid serves, though Western Union operates at a vastly larger scale and broader corridor footprint.
• Wise (TransferWise): Cross-border payments company offering consumer and business transfers across 70+ countries with mid-market FX rates. Placid's 'One Hop Transfer' value proposition and direct payment-rail integrations are similar in spirit to Wise's transparent-fee model, though Placid is more concentrated in South Asian and Southeast Asian corridors.
• Xoom (PayPal): PayPal-owned digital remittance service offering transfers to 160+ countries, with strong presence in the Philippines, India, and Latin America. Competes with Placid in the same app-based cross-border remittance category, backed by PayPal's brand, funding, and payment infrastructure.

Direct peers

• MoneyGram: Direct competitor in consumer cross-border money transfer with a similar agent-and-digital hybrid model and strong presence in US-to-Latin America and US-to-Asia corridors. Placid competes with MoneyGram in the same South Asian and Filipino diaspora segments MoneyGram serves heavily.
• Remitly: Venture-backed digital-first remittance company targeting the same US-to-Philippines, US-to-India, and US-to-Bangladesh corridors that are Placid's strongest markets. Both serve diaspora workers through mobile apps, with Remitly focusing on app-only self-serve and Placid offering a hybrid app, agent, and branch network.
• Ria Money Transfer: Money transfer operator owned by Euronet Worldwide, with a global agent network serving many of the same diaspora corridors as Placid (Philippines, India, Bangladesh, Latin America). Ria is a direct competitor in the same customer segment and product category.
• WorldRemit: Digital remittance company serving senders from 50+ countries to 130+ destinations, with strong mobile-wallet payout options in the Philippines, Bangladesh, and Africa. Placid's spotCash! Tier 1 cash pickup and bKash integration compete directly with WorldRemit's mobile wallet and cash pickup options.
• Sigue Corporation: US-based money transfer company focused on the US-to-Latin America corridor with a large agent network. Placid's EU CEO Nico Torni previously held senior roles at Sigue, indicating direct operational familiarity. While Sigue's corridor mix differs from Placid's South/Southeast Asian focus, both compete for the US diaspora money transfer market.

Emerging players

• Small World Money Transfer: European-headquartered remittance company licensed across multiple EU jurisdictions serving diaspora corridors similar to Placid's EU business. Comparable to Placid in size, multi-jurisdictional EU licensing model, and corridor focus on South Asian and African diaspora from Europe.
• Sendwave: Mobile-first remittance app focused on African and Asian corridors from the US, UK, and Canada. Owned by Zepz (formerly WorldRemit Group). Competes with Placid in the same US-to-Bangladesh corridor and increasingly in the app-first segment Placid is targeting with its 4.8/5-rated mobile app.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/placidexpress
• LinkedInlinkedin.com/company/placid-express
• Xtwitter.com/placidexpress

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about placid net