The new mayor of London isn’t just pro-business. He’s pro-fintech, as well.
To help his city manage the financial ramifications of the vote this week for the United Kingdom to leave the European Union, London’s new mayor, Sadiq Khan, has appointed Xendpay founder and CEO Rajesh Agrawal as deputy mayor.
“I know that Rajesh is the best person for the job of protecting jobs and growth in London as we deal with the fallout of the referendum,” Khan said. The mayor credited Agrawal’s experience in creating “multi-million pound businesses from scratch” as giving the fintech entrepreneur insight into the challenges businesses face in the United Kingdom.
Xendpay founder and CEO Rajesh Agrawal demonstrated his online money-transfer technology at FinovateEurope 2013 in London.
Agrawal, who in 2012 founded international money-transfer specialist Xendpay and served as Khan’s business adviser during the mayoral campaign, added that the sense of welcome he experienced as an immigrant to the UK must be maintained even as the country’s relationship with Europe changes. “(I) found a city that welcomed me with open arms and didn’t make me feel like a stranger,” Agrawal said. “This openness to talent and enterprise must not change as a result of the referendum.”
Xendpay’s online money-transfer service allows people to send money either to bank accounts, or to the company’s partnering network of cash-collection points. Geared toward international travelers of all kinds—from tourists to students to migrant workers, and available in English, Spanish, German, French, and Polish—Xendpay offers both cash-to-cash as well as more traditional card-to-bank transfers. All payments are covered by the FSA authorization of RationalFX, the foreign-exchange services firm Agrawal founded in 2005.
Agrawal demonstrated the Xendpay platform at FinovateEurope 2013. Earlier this year, the company announced that its money-transfer service was available in Tanzania and Burkina Faso.