BitPesa, a blockchain payments platform for Africa, announced on Wednesday it has acquired European money transfer service, TransferZero. Founded in May 2016, TransferZero claims to be the first fintech company licensed by the Bank of Spain as an authorized payment institution and is a partner of Bankia, Spain’s third-largest bank.
“Europe is a hub for global remittance and payments companies. Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power—rather, which specific technology and what product iteration will launch and scale first. This past year was groundbreaking for digital payments and blockchain, as we saw Japan and Korea, two major Asian economies, come out with clear regulation that supported a booming sector. The UK, Europe, and Switzerland also solidified their position in support of payment companies using this technology.”
TransferZero also has network integrations on four continents and a team with decades of experience working with enterprise clients in need of global payment solutions. TransferZero is reportedly the only remittance company that does not charge a fee, aside from a small percentage in the FX. Luis Cambronero, former CEO of TransferZero and current MD at BitPesa, commented:
“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level. Traditionally, residents would have to go to an agency or office to send money in cash. We enable our customers to quickly send money across the globe for free. Our new smart phone application is designed for the next generation of users.”
BitPesa then reported that under the acquisition, TransferZero will continue to operate under the same brand name and all of its employees will stay with BitPesa. The headquarter will remain in Madrid. Rossiello added:
“This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space,” said Rossiello. “By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth.”