PagoFX, the international money transfer service from Banco Santander that was built to take on the likes of Wise and Revolut, is to shut up shop on 30 November.
In a statement on its Website, PagoNxt, Santander’s global fintech business, says the service is being shut following a "strategic review".
"It has been decided to close the international money transfer service in the UK, Spain and Belgium," states the bank. "PagoFX’s technology and resources will be used to support the wider PagoNxt Group and its customer proposition."
Launched as a standalone company in April last year, PagoFX initially allowed UK residents with a debit card issued by any UK bank or financial institution to send money abroad using just their smartphone. The service has since been extended in
stages to users in Spain and Belgian and to small and medium-sized businesses.
Operating as an autonomous fintech start-up with more than 50 people in Madrid, London and Brussels, PagoFX attracted talent from several big tech companies, such as Amazon, PayPal and Intuit.
In a harbinger of what was to come, the architect of PagoFX, Santander Group's global head of payments, Chirag Patel, quit the bank last month to join London-based Paysafe.