By teaming with PagaPhone, Western Union is helping bridge the digital and physical worlds to offer consumers more channels and added convenience to send money from the U.S. "With this surge in remittances, customers demand choice and added convenience for how and when money is sent and received. "Remittances are a lifeline for so many in Mexico, where more than USD $51B was sent into the country just last year, said Pablo Porro, Head of Western Union Mexico and Central America. "We look forward to offering Western Union’s industry leading money transfer capabilities to our customers, giving them a convenient and efficient way to receive money via their PagaPhone account." "By teaming with Western Union, PagaPhone SmartPay users in Mexico have yet another way to receive money from friends and family cross-border, using a brand known and trusted for decades," said Ulises Tellez, CEO and Founder, PagaPhone SmartPay and Cloud Transfer Services. We believe in a world where moving money is easy.Once customers receive money in their PagaPhone SmartPay mobile electronic wallets, they can easily make transfers to bank accounts through SPEI, withdraw cash from any ATM with their PagaPhone debit cards or use the funds to pay for services directly through the application, 24 hours a day, seven days a week.
We believe there is a better way to make international payments. Our service is transparent, easy to use, fast and trusted. We’ve built it for companies – such as payments service providers, banks, and remittance and foreign exchange specialists – all of which need to provide international payments services to their customers. The Currency Cloud is transforming the international payments landscape by delivering international payments as a cloud-based service. The company is using technology to solve an important client need, which we believe has huge potential.” We operate in a truly global sector and want businesses in different parts of the world to enjoy simple, secure and reliable cross border payments.”Įrin Lockwood, Managing Director of Commercial Banking at Silicon Valley Bank’s UK Branch said: “We are excited to be working with Currency Cloud and look forward to being a long term partner as the business grows. With this investment, we can further refine our platform and expand into new geographies. “As a technology firm, it is in our DNA to continually build our capabilities so that we can offer the best possible service for our customers. New clients can also get set up with our service quickly via our developer-friendly API.” Unlike other payments providers, we make cross-border payments transparent and frictionless. “While 85 percent of international payments go through banks, more and more businesses are now turning to us to provide their international payments capabilities. We’re bringing to this market the levels of efficiency and simplicity that companies like Stripe have brought to consumer payments.” Mike Laven, CEO of Currency Cloud, comments: “Traditional international payments are broken. The Currency Cloud has achieved strong growth over the last 18 months: the total number of transactions passing through its network has increased twelvefold year on year and the company is now securely moving billions of dollars around the world per annum.
#Cloud money transfer full#
The Currency Cloud provides full transparency on its margins and wholesale rates. By connecting via a simple API, they can access a global network providing quick, transparent and secure international payments, benefits that they can pass to their customers.
The Currency Cloud’s customers include payments firms ( Payoneer, Kantox, Azimo, TransferWise) banks ( Fidor Bank, MedBank), and e-commerce solutions ( Sofort, Zippcard). The Currency Cloud is a software-as-a-service company, which believes small businesses and consumers deserve a better service, and that technology is the way to deliver it. Making an international payment through traditional channels can be expensive, opaque and complicated due to out dated processes and high margin foreign exchange practices. The full round came from existing investors Atlas Venture, Anthemis Group, Notion Capital and XAnge Private Equity with Silicon Valley Bank providing a further line of capital.
#Cloud money transfer series#
LONDON, UK (16 April 2014): The Currency Cloud, an international payments engine, has raised $10m in a Series B funding round to complement the $9M invested in 2012.
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