By Jaqueline Mendes
Sending and receiving money to Europe has been an expensive and complex process since the days of the caravels. But that is changing. A new money transfer service from the Old Continent has just arrived in Brazil. It is the Profee international transfer system, which allows you to send money from Europe to Brazil almost instantly and at lower costs, with no commission, through the app or website. Profee.com, based in Cyprus, already operates in more than 65 destinations, focused on making life easier for workers, families and travelers living between Brazil and the European Union. The platform estimates that its entry into the national market could attract up to 60 million euros (around R$ 360 million) by the end of this year. “We strive to offer customers who financially support their families in Brazil the most favorable conditions for transfers, along with high enrollment speed and a wide variety of payment methods”said executive Dmitry Gorokh, one of those responsible for the company’s global expansion. “We hope that by sending remittances, Profee users will contribute significantly to the Brazilian economy.”
The potential is immense. Currently, 4.5 million Brazilians live and work abroad, according to the Itamaraty. This number exceeds the population of Paraíba and totaled approximately US$ 6.1 million in remittances to the country and deposits received abroad in 2023, according to estimates by the Central Bank. In an active international market, Profee arrives with the proposal to help people with its simple financial solutions and instant deposits into accounts that take less than two minutes. With an 884% growth last year, the fintech intends to increase cash flow to Brazil and replicate the success achieved in Europe, India, Nigeria and a number of other countries.
In addition to geographic expansion, the fintech is diversifying its payment methods, offering a wide range of options for sending funds. Money can be sent from the European Union using Mastercard, Visa bank cards and accounts at any European bank via SEPA and Sofort, as well as using the mobile payment services Apple Pay and Google Pay. Remittances in Brazil are processed through the local payment service Pix. The entire process takes less than a minute, has no fees or charges, and does not require the recipient to have an account on the platform.
To ensure the security and quality of fund transfers, Profee holds European cybersecurity certifications such as PCI DSS, 3D Security, and maintains a policy of transparency with customers, which includes a risk monitoring and management department and its own financial fraud department.
R$ 360 million
is the amount that Profee estimates will move in Brazil by the end of 2024 in remittances from the European Union to the country with transactions that take less than two minutes
Customers residing in Eurozone countries should visit www.profee.com/pt or download the fintech app, available on the Apple Store or Google Play. Registration takes no more than 5 minutes and, after a simple email verification, users can send up to 500 euros (around R$3,000) in the first transaction and up to 1,000 euros without verification. To increase the money sending limit, the user must undergo a quick and continuous online verification, confirming their identity, as required by European Union legislation. Using modern facial recognition and information verification technologies, an artificial intelligence-based verification bot checks the data in real time, matching information and images in a fraud prevention mechanism on the platform. After verification and documentary proof of identity, it will be possible to transfer up to 30,000 euros per year.
If the source of income is confirmed, Profee customers will be able to transfer up to 100,000 euros per year. In addition to the convenience and security of transfers from the EU to Brazil, Profee has its own referral program that benefits both parties. Simply send a link available on the platform, and if the participant makes a minimum transfer of 100 euros within 30 days, both parties will receive a reward. Currently, the fintech has 650,000 registered customers, who carry out more than 250,000 transactions and move more than 60 million euros (around R$360 million) monthly.
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