Currencycloud and Paysend have announced a major expansion to their longstanding partnership that will see Paysend expand its services around the world.
According to the deal, Currencycloud will boost Paysend’s FX and treasury capabilities, with the fintech becoming a key partner of cross-border money movement flows for Paysend across the US, EMEA, and Asia-Pacific.
The arrangement also means that Paysend customers now have access to multicurrency wallets, which let users hold up to 34 currencies in the same app. Users will also be able to access payments via the Swift network, adding further choice to Paysend’s extensive global coverage.
Paysend is also significantly expanding its remittance offering in the UK, EU, Canada, and the USA, drawing on Currencycloud’s experience working with innovative digital remittance firms that offer cheaper, fairer, and more transparent services than traditional suppliers. Paysend customers in those regions will be able to send remittances to over 180 countries around the world via Swift and local payment networks.
Officials from Currencycloud said that temittances 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 they’re happy to be on the growth journey with them.
Currencycloud will also be supporting Paysend on the launch of new consumer-facing products and services scheduled for release in late 2024. Currencycloud has recently been given ‘In-Principle Approval’ for the licence by the Monetary Authority of Singapore.
The news comes after Paysend raised USD 65 million in a funding round in November 2023, aimed at enhancing its development process and improving cross-border payment tools. With a strategic investment from Mastercard, along with contributions from Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund, Paysend plans to focus on providing secure and efficient tools for customers while simplifying cross-border money transfers.
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