Here's how it all started

Meet the founder

Chukwunonso Arinze, Chooki as he’s popularly called, has always been passionate about fixing things. First it was the vending machine when he was barely able to walk. Then it was the way teachers back in his home country taught crucial science subjects. Now it’s the way money is being transferred across borders.

Chooki had just started with his doctorate degree at UChicago when he discovered a financial crisis in the international money transfer scene. Oil prices had just plummeted, which was making access to forex difficult in many sub-Saharan countries.

He realized that inflow into these African countries could help reduce scarcity of foreign exchange.

It was obvious that big time international money transfer agencies like MoneyGram and WorldRemit were profiting from this financial crisis. No one was taking any steps to solve the problem.

So Chooki decided he was going to find an innovative solution to the broken system of international money transfer.

Meet the co-founder

Obinna "Obi" Agba is a software engineer with a passion for financial technology. He is the founder of a software consulting company and the co-founder of Kaoshi and its technical lead. He was experiencing trouble accessing foreign exchange for his graduate school application fee at the time he was approached by Chooki.

It was clear to him that most people didn't have access to an ideal means of making transfers.

Obi listened to all Chooki had to explain about the financial crisis in the international money transfer sector. He also listened to Chooki’s proposed solution, which at the time was the seedling idea of what would later become Kaoshi. Obi immediately realized the ingenuity of Chooki’s proposed solution and liked it.

That’s when the founder and the co-founder set out to develop Kaoshi.

At first they both studied the money transfer market to understand barriers to entry and stringent financial regulations. Soon, they were accepted into the Polsky Summer Accelerator program at UChicago’s Booth School of Business, where they began developing their business idea and formalizing the development of the Kaoshi platform.

They figured out how they could use state of the art financial technology to facilitate international money transfer in a safe, convenient and cheap fashion. They also realized that a partnership with African banks would be crucial to overseeing money swaps. While they and their brilliant team would be focused on technological developments, the banks would be focused on regulatory aspects, which they were better suited for.

Thus was Kaoshi launched out of the accelerator program in August 2018