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The foreign exchange market has been facing a lot of government restrictions for decades. Moreover, there were charges due to the exchange rates and additional fees that most users found tough to comprehend. To make it simple and easy for users, many companies have started coming up their own solutions that bring changes to the overseas money transfer market.
Now, the money transfer market has witnessed many noticeable changes. Though there are some processes involved even now, these are being simplified with the use of technology. There are many fintech startups that operate with the intention to disrupt the peer-to-peer money transfer sector with their payment solutions. And, here we have curated a list of fintech startups in London that facilitate quick money transfer without any complexity.
TransferGo
Founders: Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, Justinas Lasevicius
Funding: €33.5 million
In 2012, TransferGo was founded in London and now it offers in 47 countries across the world with offices located in London, Berlin, Istanbul, Warsaw and Vilnius. The company claims to have over 833,000 users and is said to be adding over 1,000 new users every day. It is touted to be one of the fastest international money transfer services.
PaySend
Founders: Abdul Abdulkerimov
Funding: €18.2 million
PaySend was established in 2015 with a mission to change the way money is transferred across the world. Its next-generation money transfer platform letting users send funds from card to card to over 70 countries. It is secure, fast and easy and charges a low fee per transaction irrespective of the amount sent. The company delivers funds in local currency without any hidden fee or charges and adheres to real exchange rates.
Azimo
Founders: Marek Wawro, Marta Krupinska, Michael Kent, Ricky Knox
Funding: €60 million
Azimo is a faster, easier and safer way to send money around the world. Established in 2012, the company’s vision is to use technology to democratise financial services and make them affordable and accessible to all. The company has a diverse user base across nations and offers them an inexpensive way of money transfer.
Revolut
Founders: Nikolay Storonsky, Vlad Yatsenko
Funding: €309 million
Founded in 2015, Revolut offers a world beyond banking. The company offers free international money transfers and global spending without any fee at the interbank exchange rate. This fintech startup is designed to suit the global lifestyle. It is meant for those users who want to continue searching for new ideas and experiences.
WorldRemit
Founders: Catherine Wines, Ismail Ahmed, Richard Igoe
Funding: €171 million
At WorldRemit, which is in operations since 2010, they are aimed at changing the way people send money across countries. As of now, WorldRemit offers services in over 110 destinations. They are aimed at making complicated tasks simple for their users. They work towards creating faster, easier and lower cost money transfers that will help them grow on a daily basis.
TransferWise
Founders: Kristo Kaarmann, Taavet Hinrikus
Funding: €360 million
At TransferWise, which was founded in 2011, they intend to make an irreversible and positive change in the world of finance. They help people across the world choose their platform to help them live, work and travel globally. TransferWise is one of the easiest, fastest and fairest ways to transfer money to another country. It is touted that users can send money overseas at 8x cheaper than traditional banks.
Wirex
Founders: Dmitry Lazarichev, Pavel Matveev
Funding: €3 million
Wirex is an FCA-licensed global digital money solutions provider for businesses and individuals established in 2014. The company offers the first borderless payment platform to integrate both cryptocurrency and traditional money transfer and exchange services. The service is built using state-of-the-art technology, which integrates traditional currency and cryptocurrency.
PayPoint
Founders: Robert Farbrother, Tim D. Watkin-Rees
PayPoint founded in 1996 has made a significant investment in a new payment services solution. It offers complimentary solutions for fraud risk management, payment card security and payment reporting. Back in 2016, this startup was acquired by Capita, which is an established enterprise payment management service provider with a customer base across housing, health, local government, education, utilities and private sectors. The company enables small and medium-sized enterprises to take card payments across online, mobile, chip, PIN, etc.
Skrill
Founders: Damon Petta
Funding: €1.1 billion
Skrill has been providing digital payments solutions to businesses and customers across the world since 2001. With this startup, tens of millions of account holders bring their payment options together in a single place so that they can send and receive money conveniently. This company was acquired by paysafecard.com as a significant step to become one of the largest digital wallet providers in the world.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
Meet the three innovative European startups that have been honoured with the Future Hamburg Award
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