Cross-border payments platform CurrencyFair has announced a partnership with international payments company Thunes, who will support CurrencyFair to offer its money transfer services in 25 new currencies, including Mexican peso, which has now gone live.
This represents “a growth in current markets of more than 100%.”
Through this partnership, CurrencyFair consumer and business customers “can now send, exchange and transfer money into more countries, benefitting from CurrencyFair’s competitive rates, fast, reliable transfers, and excellent customer service.”
Phil O’Malley, Chief Product and Technology Officer, said:
“It is exciting to announce this new currency launch marking a significant expansion for the business, as CurrencyFair plans to grow its offering by 100% in the coming year. This is CurrencyFair’s biggest expansion to date, and we plan to continue this growth in key markets.”
As noted in the update:
“The launch of the Mexican peso represents a significant opportunity for CurrencyFair. Remittance flows into Latin America reached US$142bn in 2022, rising 9.3% in 2021 and a record 21.6% from 2020 – of which Mexico received $60bn. A staggering 94.9% was sent from the USA, where CurrencyFair launched last year – so we are excited to build our presence in this market following the launch of Mexican Peso.”
Individuals sending money abroad “can save on their currency exchange with CurrencyFair, whether they are living abroad and transferring money home, buying overseas property, paying overseas suppliers and taxes, or receiving overseas pensions.”
The service is “fully licenced and regulated, and has securely transferred over €14bn globally.”
To facilitate reaching this milestone, CurrencyFair is working in partnership with Thunes.
With its leading global network “facilitating fast, transparent, and affordable payments to more than 130 countries,” Thunes is “an ideal partner as CurrencyFair moves into new markets with its new currency rollout.”
James Winter, SVP Europe for Thunes, said:
“It’s fantastic to see how Thunes’ state-of-the-art technology is able to unlock new opportunities for innovative partners such as CurrencyFair, and significantly expands the cross-border payment offering for their consumers. We are excited to see how this partnership develops, and look forward to launching even more currencies with CurrencyFair.”
Thanks to the partnership with Thunes, CurrencyFair will “launch 25 new currencies including Mexican peso – on top of the 22 it currently offers – within the next year.”
The next eight currencies to be “launched in the coming months are Vietnamese dong, Brazilian real, Colombian peso, Japanese yen, South Korean won, Costa Rican colón, Malaysian ringgit and Guatemalan quetzal.”
These currencies represent a significant move into “serving Latin American and Asian currency corridors for CurrencyFair, building on its existing Asian currency offerings.”
This latest expansion also “builds on CurrencyFair’s recent merger with Zai, which is one of the CurrencyFair companies and is a leading provider of embedded finance orchestration in Australia.”
Zai supports businesses “in simplifying, streamlining and scaling complex payment workflows across a wide range of industries including fintechs, proptech and marketplaces.”
