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SPOKO enters the UK market by targeting South Asian migrant workers

Thursday 13 August 2020 10:31 CET | News

SPOKO, an app which offers instant international money transfers, has entered the UK market by targeting South Asian migrant workers looking to move money without the need for bank accounts and costly transfer payments.

The company is also seeking partners to integrate its white label API service.

Money transfers by the British-Polish fintech SPOKO can already be made from EU countries and the UK to 16 countries. The long-term aim is to operate in 51 countries, whilst enabling money transfers to 86 countries.

The app already enables users to send money from Europe to their home countries in local currency, via their mobile, bank account or a point-of-sale outlet. SPOKO offers a payment infrastructure that allows many different local payment methods. For example, in India, you can pick up money in cash or by transfer to a bank account; in Ukraine, by card; in Nigeria, by topping up your phone.

As well as targeting consumers, SPOKO is offering an open API to enable financial, telecommunications or recruitment companies the ability to operate transfer services using a white label model. SPOKO already works with PrivatBank and Alfa Bank, two Ukranian banks, and has carried out several integrations with international partners such as the British fintech Trust Payments. 

Before the pandemic, the team focused on Ukrainians, especially those working in Poland. Due to the unique circumstances posed by the quarantine, the team committed to expansion. In July, Azerbaijan, Bulgaria, Belarus, Brazil, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Nigeria, Pakistan, Russia and Uzbekistan joined the list of countries where SPOKO services are available. Money can currently be withdrawn at 50,000 agent locations across countries such as India, Ukraine, Russia, Pakistan, Georgia, Belarus, and Moldova.

 


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Keywords: SPOKO, app, money transfers, UK, migrant, payments, fintech
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech