Global Corporate Finance has recently advised the shareholders of TransferZero, which was acquired by the Kenyan company, BitPesa. TranserZero is a Spanish startup that operates in the sphere of FinTech. They created a platform that makes it possible to transfer funds all over the world. The following text outlines the transaction in more detail:
BitPesa, the first and largest blockchain payments platform for Africa and Europe, announced today their acquisition of TransferZero, an international, online money transfer platform that specializes in sending money to consumers and companies in 200 countries using over 50 different currencies.
TransferZero, the first fintech company licensed by the Bank of Spain as an authorized payment institution, was founded in May 2016 by Luis Cambronero, CEO. The company is a partner of Bankia, Spain’s third largest bank and has pioneered a number of innovations in the European FinTech sector. As BitPesa is one of the few global companies to have licensing and infrastructure in Africa and Europe, the partnership enables the fast-growing platform to plant deeper roots through UK and European licensing, bank accounts, and integrations.
“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, founder and CEO of BitPesa. “Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power—rather, which specific technology and what product iteration will launch and scale first. This past year was groundbreaking for digital payments and blockchain, as we saw Japan and Korea, two major Asian economies, come out with clear regulation that supported a booming sector. The UK, Europe, and Switzerland also solidified their position in support of payment companies using this technology,” added Rossiello.
“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level,” said Luis Cambronero, former CEO of TransferZero and current MD at BitPesa. “Traditionally, residents would have to go to an agency or office to send money in cash. We enable our customers to quickly send money across the globe for free. Our new smart phone application is designed for the next generation of users,” said Cambronero.
TransferZero has network integrations on four continents, and a team with decades of experience working with enterprise clients in need of global payment solutions. They are the only remittance company that does not charge a fee, aside from a small percentage in the FX.
Under the acquisition, TransferZero will continue to operate under the same brand name and all of its employees will stay with BitPesa. The headquarters will remain in Madrid.
“This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space,” said Rossiello. “By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth,” Rossiello concluded.
BitPesa is an online payment platform that leverages Blockchain settlement to significantly lower the cost and increase the speed of business payments to and from frontier markets. BitPesa’s clients range from African businesses and multinational companies paying suppliers as far as China and Dubai to international remittance companies using our API services for white-label payments to dozens of bank networks and mobile money operators across Nigeria, Kenya, Uganda, Tanzania, Senegal, and the DRC.
BitPesa was launched on November 1, 2013 in Nairobi, Kenya, Ghana with offices in Lagos, London, Luxembourg and Dakar.
TransferZero is the first Spanish Fintech platform to send money online to the rest of the world, under the regulation of the Bank of Spain. The platform enables international remittances and B2B services, autonomously or through the management of a personal advisor, in more than 200 countries and 34 currencies.
TransferZero offers unparalleled security in transactions with an innovative model of segregated and exclusive bank accounts for its clients. The management and issuance of the transfer is free and the currency exchange rate is significantly more favorable than that of the banks and the traditional money transfer companies.