Open Access

This paper examines different business models of companies dealing with (earmarked) remittances and sheds light on the associated challenges of the industry, specifically, remittances for health, based on the model of the fintech startup GloryHealthCare. The work "Business Model Generation" by Osterwalder and Pigneur (2010) is used as a method for the analysis, as this is often used as a basis for the business models of startups. The study focuses regionally on Europe and Africa, as Germany and Ghana are the start-up's first target markets. Among other things, the industry's processes, pricing, and existing competition are examined. The SWOT analysis methodology clarifies the individual companies' opportunities and risks and makes a competitive position visible. Meanwhile, network effects of the diverse business models are made visible based on the paper "Digital Economy and Network Effects" by Frank Linde (2020). Network effects play a crucial role in the reach, influence, and competitiveness of existing and new businesses in the remittance industry. The study also emphasizes the importance of knowledge and networks, which are more important than financial resources. The previous aspects considered a basis for developing a new concept as an alternative to the Business Model Canvas: the iBusiness Model. The results of this study provide insights into the design of efficient business models and support companies in the remittance industry in developing strategies to overcome challenges and take advantage of opportunities.