Wednesday, May 21, 2014

Dominican immigrant creates tech startup to send money home to family

This young immigrant invented a way for people to send money back home and started a business employing others. A win-win.    - - Donna Poisl


Dominican immigrant Edrizio De La Cruz sends money each month to his aunt Matilde in Santo Domingo to help her with groceries.

But instead of wiring the funds, De La Cruz, a 33-year-old recent Wharton School of Business graduate, came up with a new way to send cash — and at the same time created one of the first tech startups located in Manhattan’s Washington Heights.

“You leave part of your family behind for better opportunities here. And part of that promise is that you are going to come here, get a better job, and give back. Give money back. You do that through remittances,” he said.

However, he felt like sending cash through services like Western Union or MoneyGram was time consuming, costly and dangerous.
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