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Two payment fintechs, Currencycloud and Paysend, have agreed to expand their ongoing partnership. This expansion is poised to significantly enhance Paysend's operational footprint across the globe, marking a new chapter in its collaborative success story.
Under the terms of this enhanced partnership, Currencycloud is set to bolster Paysend's foreign exchange (FX) and treasury capabilities. This collaboration is expected to position Paysend as a pivotal player in the domain of cross-border money movement flows, particularly across critical markets in the United States, EMEA (Europe, the Middle East, and Africa), and the Asia-Pacific region.
A notable feature of this deal is the introduction of multicurrency wallets for Paysend customers, which allows users to hold and manage up to 34 currencies within a single application. Additionally, the partnership will facilitate access to payments via the Swift network, thereby expanding Paysend's already considerable global coverage.
Reflecting on the partnership's evolution, Ronnie Millar, CEO and Co-Founder of Paysend, shared his enthusiasm: "We've worked with the team at Currencycloud for several years now, and our partnership keeps going from strength to strength. I believe the secret to our success together is that we share a vision for making the global money transfer landscape simpler and more inclusive."
In alignment with this vision, Paysend is also set to significantly expand its remittance services in the UK, EU, Canada, and the USA. This expansion leverages Currencycloud's expertise in collaborating with digital remittance companies known for offering services that are not only cheaper but also fairer and more transparent compared to traditional alternatives. As a result, Paysend customers in these regions will be able to send remittances to over 180 countries through Swift and local payment networks.
Piers Marais, Head of Product for Currencycloud, highlighted the significance of this development for the sector: "Remittances are a vital cross-border flow that well exceed even international aid budgets. Paysend bringing their technology and expertise into this space is a huge boost for the sector, and we're proud to be on the growth journey with them."
Looking ahead, Currencycloud will support Paysend in launching new consumer-facing products and services, scheduled for release in late 2024. This support underscores a shared commitment to innovation and customer-centricity, promising to deliver enhanced value to users worldwide.
Since its inception in April 2017, Paysend has grown to serve over 8 million registered customers, enabling money transfers to over 180 countries globally. As a testament to its integrated global payment ecosystem, Paysend continues to facilitate seamless and efficient monetary transactions across borders, underpinning its mission to simplify money transfers for everyone.
Similarly, Currencycloud has processed more than $200 billion across over 180 countries since 2012. Based in London with offices strategically located worldwide, Currencycloud remains a pivotal force in empowering banks, financial institutions, and fintechs to transcend traditional financial boundaries, thereby fostering a more interconnected and financially inclusive world.
