Ameer Jumabhoy: Revolutionizing Tourist Value-Added Tax Refund Industry, Pandemic Hard Choices & Personal Resilience with Family - E390

Ameer Jumabhoy, Cofounder of Utu, and Jeremy Au talked about three main themes:

1. Revolutionizing Tourist Value-Added Tax Refund Industry: Ameer delved into the complexities of the VAT refund process, highlighting that tourists typically reclaim only a portion (i.e., getting only $65 from a $100 tax refund on a $500 purchase) due to high processing fees from numerous entities involved in the refund process. He shared Utu's $33M Series B fundraise and mission to enhance the tax-free shopping experience by maximizing the refund value for tourists through partnerships that benefit all stakeholders involved, including tourists, retailers, and the government.

2. Pandemic Hard Choices: Despite the severe impact on the travel and retail sectors, Utu made the humanitarian decision not to lay off any staff despite the significant financial and operational cost. He underscored the leadership's commitment to their team and the long-term vision without compromising on their values. Utu had to strategically follow the reopening of global tourism city by city and travel corridor by corridor, e.g. the UAE deciding to launch the World Expo in 2021. He also talked about their acquisition of CardsPal and the launch of new services aimed at providing greater rewards for travelers with their evolving post-pandemic consumer behavior.

3. Personal Resilience With Family: Ameer recounted his experiences navigating professional responsibilities alongside personal challenges during the pandemic. He detailed the decisions to move across countries for family and work, emphasizing the importance of support systems. He shared his thoughts on how parenthood had shaped his perspectives on leadership and entrepreneurship.

Jeremy and Ameer also talked about the rationale behind the current VAT refund system's inefficiencies, Utu’s future product roadmap, and the significance of cross-border shopping trends. 

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