Redcore Interactive

What Redcore Interactive does

Redcore Interactive, operating commercially as Remit (useremit.com) and legally as Eversend Ltd, is a Ugandan fintech headquartered at Trust Tower, Kyadondo Road in Kampala. Founded around 2016, the company runs a card-to-mobile-money remittance platform that enables senders from over 100 countries to transfer funds in real time to mobile money wallets in Uganda, Kenya, and Rwanda. The platform integrates directly with MPESA in Kenya, MTN Mobile Money in Uganda and Rwanda, and Airtel Money in Rwanda, allowing recipients to receive funds instantly without visiting a physical agent.

The core technology stack is a self-serve web application (no native mobile app is offered) that accepts Visa and MasterCard payments, processes transactions in real time, and delivers funds via mobile money APIs with SMS and email notifications to both sender and recipient. Security and compliance include SSL encryption, KYC identity verification (collecting address, phone, date of birth, and ID number at signup), AML transaction monitoring, and integration with third-party identity verification services and credit reporting agencies. The company supports social login via Facebook Connect and OpenID. In 2021 it extended the platform with a utility bill-payment add-on for electricity and water bills in Uganda.

The business model is a pure transaction-fee model: a flat 3.99% fee is charged on each transfer, materially below the 11.89% industry average the company cites. There are no subscriptions, monthly minimums, or recurring charges. Distribution is entirely self-serve and digital, with no agent network. The company is founder-led by four co-founders (Stone Atwine, CEO; Collins Mugume, COO; Teddy Ruge, CMO; David Madra, CTO), operates with 1–10 employees, has not disclosed any external funding rounds, and serves a long tail of individual diaspora senders.

Name

Redcore Interactive

Legal name

Eversend Ltd

Website

https://useremit.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Redcore Interactive (Remit / useremit.com), a Uganda-based fintech under Eversend Ltd, operates a self-serve remittance platform enabling real-time card-to-mobile-money transfers from over 100 countries to MPESA and MTN wallets in Uganda, Kenya, and Rwanda, earning a flat 3.99% per-transaction fee from African diaspora senders.

Ownership category

akta.pro rank

Product category

Remittance Services

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), International / Multi-Currency Wallets (FSAMAEAL), Consumer Remittances (P2P) (FSAMAIAA)

Keywords

• Mobile money transfers
• Diaspora remittances
• Digital payment platform
• Cross-border payments
• Money transfer services

Headquarters

HQ city

Kampala

HQ country

Uganda

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Transaction Fees: The primary revenue stream is a 3.99% transaction fee charged on each money transfer. Users pay the service fee in addition to the transaction amount. No subscription or recurring fees mentioned.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Redcore Interactive, operating through its legal entity Eversend Ltd, runs the Remit (useremit.com) web platform that enables real-time money transfers from sender debit or credit cards directly to recipient mobile money wallets in Uganda, Kenya, and Rwanda. Senders from over 100 countries self-onboard online and pay a 3.99% per-transaction fee, with funds delivered instantly to MPESA, MTN Mobile Money, or Airtel Money wallets and accompanied by SMS and email notifications to both parties.

Product overview

Remit is a single-product mobile payments platform operated by Eversend Ltd that enables real-time international money transfers from debit/credit cards to mobile money wallets. The core product is Remit, which supports instant transfers to Uganda, Kenya, and Rwanda via MPESA and MTN Mobile Money. A supplementary add-on module offers bill payment services for electricity and water in Uganda. The platform focuses on serving Africa's diaspora with fast, secure, and affordable money transfer services.

Differentiator

Problem solved

Functional benefit

Products and services

• Remit (useremit.com) Self-serve web platform operated by Eversend Ltd that enables real-time money transfers from sender debit or credit cards directly to mobile money wallets (MPESA, MTN Mobile Money, Airtel Money) in Uganda, Kenya, and Rwanda. Targets Africa's diaspora with a 3.99% per-transaction fee and supports senders from over 100 countries.

Quantifiable outcome

• 3.99% transaction fee vs. industry average of 11.89%
• +2 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Onafriq (formerly MFS Africa): Pan-African mobile money interoperability and remittance network connecting MPESA, MTN, Airtel and other wallets. Operates the same mobile money rails Remit depends on and could serve as both a partner and a competitor.
• Sendwave: App-based remittance service acquired by WorldRemit focused on African corridors including Uganda, Kenya and Ghana. Competes head-to-head with Remit on price and speed for diaspora senders to East African mobile wallets.
• Remitly: NASDAQ-listed digital remittance company serving African and global diaspora corridors from app and web. Directly comparable to Remit as a card-to-mobile-money remittance provider targeting similar sender personas, with significantly greater scale and funding.
• NALA (formerly Route): Africa-focused remittance app enabling diaspora-to-Africa transfers to mobile money and bank accounts. Comparable to Remit in corridor focus (East Africa) and product (mobile wallet delivery), positioned as a venture-backed challenger.
• WorldRemit: Global digital remittance platform with strong mobile wallet delivery coverage in East Africa (including MPESA and MTN). Operates in the same corridor as Remit, with a broader country footprint and brand recognition among diaspora senders.

Broad incumbents

• Western Union: Global incumbent remittance company with extensive agent and digital presence across Uganda, Kenya and Rwanda. Competes on corridor overlap; Remit's value proposition is structured as a cheaper, digital-native alternative to Western Union's pricing.
• Wise (formerly TransferWise): Public cross-border payments company offering low-cost international transfers to bank accounts in 70+ countries. Competes with Remit on diaspora-to-Africa corridors where bank rails are viable, and has much greater brand and funding.

Emerging players

• Flutterwave: Pan-African payments infrastructure company enabling merchants and developers to accept and disburse payments across Africa. Adjacent to remittance via its payout and mobile money APIs, and competes for the same diaspora and intra-Africa flow.
• Chipper Cash: Pan-African cross-border payments app with remittance and mobile money interoperability across multiple African countries. Overlaps with Remit in serving diaspora senders and intra-Africa mobile wallet users.

Others

• Payoneer: Cross-border payments platform primarily serving freelancers, marketplaces and SMBs with multi-currency receiving accounts. Different primary use case from Remit but comparable in operating cross-border payment rails and serving diaspora-style user flows.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/RemitUg
• Facebookfacebook.com/RemitUg
• LinkedInlinkedin.com/company/redcore-interactive

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Redcore Interactive