TransferGo, one of the world’s fastest growing money transfer companies, today announced it is partnering with global payments platform Currencycloud to facilitate cross-border payments and launch in 14 new markets during Q1 of this year.
As a result, the TransferGo and Currencycloud partnership will be available in 69 countries globally.
Remittance flows to developing countries are on the rise, with the World Bank estimating that annual remittances to low- and middle-income countries reached $529 billion in 2018, a 9.6 per cent increase from the previous year and a figure that eclipses the total GDP of Argentina.
Yet transferring funds across borders can be cumbersome, with bureaucracy and fees imposed by banks for processing payments in other countries and currencies.
Through partnerships with leading payments platforms such as Currencycloud, TransferGo will undo this trend and democratise remittances for users across markets including Kenya, Japan, Malaysia, the UAE and many more.
Commenting on the partnership with Currencycloud and global expansion, TransferGo CEO and co-founder Daumantas Dvilinskas said: “Our mission is to create financial options and access for hardworking migrant communities around the world. At the same time, we recognise that our customers the world over have unique money transfer needs. Our partnership with Currencycloud will help us meet these varying needs with further scale and reach.”
Digby Try, VP of Sales, EMEA at Currencycloud said: “Currencycloud was launched with the intention of democratising cross-border payments. Working with TransferGo is a perfect example of how we envisaged helping to make the complicated, opaque and expensive process of sending money overseas far more simple.”ternational money transfer service.