Neo · · 26 min

Families Send $52B a Year to Pakistan: Oversee Pay Is Building Depth in One Corridor

With Rooshan Aziz

Key takeaways

  • Oversee Pay came to New York as part of the Alliance Accelerator program and is working with Rain on its card program.

  • Rooshan Aziz says consumers moved $52 billion into Pakistan in the last 12 months, and that this flow is growing at 15% a year, faster than any other top 10 corridor.

  • The app has been live a little over four months, has close to doubled every month, and has a waitlist four times the size of its user base.

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0:00Show intro and the New York stablecoin scene1 of 9

Summary

Rooshan Aziz is putting all of Oversee Pay's effort into one corridor, Pakistan, where he says consumers sent $52 billion in the last 12 months.

Oversee Pay, a cross-border payments app for the Pakistani diaspora, came to New York as part of the Alliance Accelerator program. Chief executive Rooshan Aziz says the app has been live a little over four months and has close to doubled every month. He is targeting a market where, by his count, $52 billion moved into Pakistan from consumers alone in the last 12 months.

Why Pakistan

Rooshan Aziz points out that Mexico is the second largest remittance receiving country in the world and Pakistan is the third largest. He says the $52 billion in consumer transfers is growing at 15% annually and that none of the top 10 remittance countries is growing as fast. Counting all inflows, he puts the addressable market at $100 billion coming into the country every year.

Remittances make up 10% of Pakistan's GDP, Aziz says, so there is pressure from all sides to improve how money arrives. He expects the $52 billion figure to reach about 100 in a few years.

“Money is having its Internet moment.”
Rooshan Aziz

Depth over breadth

Rather than expanding to many countries, Oversee Pay is focused on one corridor. "We're focused on building depth," Aziz says. In his view, "the value is in, like, who is holding money and who is kinda giving you value on top of that." For cards, the company is working with Rain, whose founders Aziz has met several times since arriving in New York.

Early traction

Rooshan Aziz says monthly growth has almost doubled every month since launch, and possibly more. The company has a waitlist four times the size of its user base. It has stayed lean: he says it recently hired about two contractors to support the team.

Regulation and next goals

Aziz says he is now in the UK to meet regulators and lawyers, and that Oversee Pay plans to get regulated in every jurisdiction it receives money from. His growth target is to go from doubling every month to tripling every month.

Aziz frames stablecoins as a turning point, saying money is having its Internet moment. His bet with Oversee Pay is that holding funds and adding services in one fast-growing corridor is worth more than wide reach. The next test is whether licensing in sending countries and clearing the waitlist can move growth from doubling to tripling each month.

Rain, Oversee Pay, Boldring, and Tumi come up most.

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