Quippi Shopping Card Takes Aim at Money Changers Bruce V. Bigelow - Xconomy
go to original February 12, 2014

Quippi is the first International gift card (we like to call it International Shopping Card) you buy in the US for your family and friends to shop in Mexico. (Quippi)

Each year, an estimated 6 billion American households send money abroad to help support their families and friends around the world.

While major banks and companies like Western Union, MoneyGram, Xoom, PayPal, and Viamericas offer a variety of money transfer services at widely varying rates, Michael Aleles says he sees an opportunity to provide an alternative financial service. The startup Aleles founded in 2012, San Diego-based Quippi, offers gift cards in the United States that are intended for making purchases in Mexico.

“We don’t charge consumers anything for that service,” Aleles says. Instead, major retailers in Mexico pay Quippi to provide the cards - which can be used only to purchase merchandise at participating retailers. “It’s not a service that can be redeemed for cash,” Aleles says. Consumers can buy virtual cards on the Quippi website (activating a PIN code for use in Mexico) or at certain retail outlets in the United States.

The startup began offering its cards in December, and recently raised $2.2 million in a Series A round of venture capital led by San Diego-based Avalon Ventures. Accion, the New York microfinance lender affiliated with Accion International, also invested in the round. Altogether, Aleles has raised about $3 million since founding Quippi two years ago.

Read the rest at Xconomy

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