Vitesse, a cross border payment provider, has raised £6.6 million from a group of investors, including Octopus Ventures and Hoxton Ventures. Vitesse to use the funds for US expansion For starters, Vitesse is a London-based fintech company that helps companies handle their cross-border transactions. It does this through its network of a global banking and […]
In April, The World Bank released a relatively straightforward report. As the coronavirus pandemic continued, remittances around the world would crash by more than 20% this year. However, recent data suggests that this prediction was wrong as remittances to many crucial countries has actually increased. Remittances to Mexico rose in the first half The idea […]
Western Union, the global money transfer company, released its third quarter earnings yesterday. The company’s revenue and earnings beat the median estimates by Wall Street analysts. This provided further evidence that people are sending money more than ever during this pandemic. Western Union earnings Western Union made more than $1.1 billion in the second quarter, […]
The volume of digital payments is recovering, as evidenced by the latest earnings release by MoneyGram and PayPal. This growth goes against what the World Bank predicted in April, when it warned that global remittances would fall by 20% this year. MoneyGram digital payments surge MoneyGram, the $252 million payment provider said that its digital […]
Remitly, a Seattle-based money transfer company, is the latest unicorn. In a statement yesterday, the company said that it had raised $85 million from a group of investors. The new funding valued the company at $1.25 billion. Remitly becomes a unicorn For starters, Remitly is a money transfer company that focuses on remittances. Started in […]
TransferWise, the fast-growing London money transfer start-up, confirmed our earlier reporting on its new $5 billion valuation. The new valuation is about 45 per cent higher than what the firm was valued in May last year. TransferWise value spikes For starters, TransferWise is a London-headquartered money transfer company that makes it faster and cheaper for […]
The US dollar declined to the lowest level since June 2018 as the rising number of coronavirus cases in the US worried investors. The dollar index, which measures the currency’s strength against a basket of currencies, declined by 0.80% to 93.68. US dollar falls against peer currencies The US dollar dropped by 0.90% against the […]
WorldRemit, the giant money transfer company, has teamed up with Airtel Africa as it tries to grow its market share in the continent. The deal announced this week will enable Africans to send and receive money using WorldRemit. An opportune time for a deal Africa is one of the fastest-growing remittance markets in the world. […]
Western Union, the giant money transfer company, valued at more than $9 billion, has struck a deal with TrueMoney, a Philippines payment company. TrueMoney, which operates under the Ascend Money brand, has more than 70,000 locations globally. Philippines is a strategic country for money transfer companies The new partnership between Western Union and TrueMoney makes […]
Twitter is the second-biggest social media company in the world valued at more than $28 billion. It has more than 300 million monthly active users around the world and more than $3 billion in revenue. That makes it one of the most important companies in the world. As such, news that the company was hacked, […]