Toufic Koussa, CEO and co-founder of Whish Money
Since its inception, Whish Money has revolutionized the world of digital finance with innovative solutions tailored to the needs of a global customer base. The company's journey, challenges, and growth strategies are key to understanding its role as a leader in the fintech sector. An interview with Toufic Koussa, CEO and co-founder of Whish Money, reveals the behind-the-scenes development of the digital payment platform that has successfully captured both the local and international markets.
When was Whish founded, and how did it manage to acquire 90% of the local market share for digital transactions?
Established in 2007 under the name i-Tel, Whish Money has evolved by converging the telecom, gift card, money remittance, fintech and payment industries into a unified customer-centric solution. Through strategic partnerships with multinational companies like Visa, Mastercard, TapTap, and Sendwave, Whish was able to extend its reach to over 110 countries, serving more than one million users and processing $5 billion in payments each year. Today, it holds 90 percent of the local market share for digital transactions in Lebanon.
What sets your company apart from other e-wallet players in the market?
Whish is the first Lebanese app available in over 110 countries, positioning itself as a true global player in the fintech industry. We use cutting-edge technologies to provide innovative solutions and a seamless, fast, and secure experience. Our ability to quickly adapt to the fintech market and offer advanced products that meet the needs of a global user base distinguishes us from other players. Furthermore, our commitment to transparency and innovation enables us to stay at the forefront of the industry, providing a superior experience.
What are the main challenges you’ve faced in developing your services and products?
One of the major challenges we encountered in Lebanon was the lack of infrastructure for digital financial services. Although our app offers advanced services internationally, some features are still not feasible locally due to limitations in the financial and banking ecosystem.
Moreover, the massive growth of Whish as a go-to app for digital transactions required us to adapt our infrastructure to handle the increase in users and transactions while maintaining high service quality. Lastly, our international expansion involved adapting our services to the specific regulations and needs of each market while maintaining our values of innovation and transparency. Despite these challenges, we have successfully introduced solutions that are transforming digital payments in the region.
How do your services integrate with traditional financial systems and banks?
Our services seamlessly integrate with traditional financial systems, simplifying money transfers and access to funds. Through our partnerships with Visa and Mastercard, we offer direct access to users' accounts, enabling instant and secure transfers for quick and convenient financial management. Additionally, our collaborations with companies like Mastercard Cross-Border Services and Ria facilitate international transfers to banks, making it easier to send and receive money globally. Integration with international providers allows us to access a wide network of bank accounts, enhancing our ability to meet our clients' needs. We have recently launched a feature that enables users to link their U.S. bank accounts to their Whish wallets, making it even easier to transfer funds directly from their accounts. In short, our goal is to provide a seamless and efficient experience by integrating traditional financial systems and banks so our users can manage their money with ease.
