Today, we’re excited to announce our account transfer agreement for the sale of our retail money transfer business to WorldFirst, one of the largest money transfers companies in the industry.
We are investing our time and focus into our API partners. WorldFirst is taking on our retail clients, and we’re extremely confident they’re in good hands. WorldFirst is the market leader at the game, so we’re extremely humbled to be aligned and in partnership with them. For us moving forward, our API partners (current and future ones) will be getting the full dedication from all product/engineering/operations/compliance resources at Wyre. Exciting things to come!
The transaction has already completed and the migration process has started. The transaction is part of our larger focus to expand our API-first services and WorldFirst was a clear choice for them due to WorldFirst’s global infrastructure and payment coverage.
The transaction is expected to provide WorldFirst with thousands of new individual retail customers who are sending money and paying invoices throughout China, Mexico, Hong Kong, Brazil and the United Kingdom.
Wyre started servicing individual retail businesses in 2016 and have grown the business to over $100MM in yearly processing volume within the first few years of launching the service. However, we recently came to a crossroads as a company and had to make a decision on where we can invest our time and the retail dashboard started to fall outside the scope of our business model.
Wyre will still work to help large enterprises with their on/off-ramps, but the product will be served as an API-based solution (see documentation here).
Since being founded in 2004, WorldFirst has grown to become one of the largest payments companies in the world. WorldFirst processes over $15 billion a year, offering great rates and award-winning service, with full licensing and a global presence through 8 regional offices.
We value the integrity and dedication behind WorldFirst. They respect the ecosystem, and put their customers front and center at all times. There are many partners that do not do this — it’s no surprise that they’re the leader in the industry.
We’re also proud of the work that we’ve completed on the dashboard but we’re also very excited about the road which lies ahead.