Latest news with #globalpayments
Finextra
a day ago
- Business
- Finextra
Dtcpay partners Mastercard Move on money transfers
The DTCPay Mastercard partnership marks a major step forward in global payments, offering users a fast, secure, and seamless way to transfer money internationally. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. dtcpay, a leading digital payments solutions provider, is excited to announce its strategic collaboration with Mastercard Move. By tapping into Mastercard's global money movement capabilities, dtcpay users will enjoy enhanced speed, security , and transparency for their cross-border transactions. From June, dtcpay users will be able to access more than 49 corridors for payments originating from Singapore. Payout locations include the Chinese mainland, the Emirates, Indonesia, Malaysia, the Philippines, Switzerland, Thailand, Vietnam, and select markets across the European Union. Unlocking Wider Reach and Choice with Mastercard Move's Global Network Through this integration, dtcpay will provide cost-effective and transparent money transfer services to a wide range of recipients, ensuring they get more value in every international payment. As part of the collaboration, dtcpay users can now enjoy fast processing times, with 60% of payments typically received within 1 hour and 95% within 24 hours¹. This strategic DTCPay Mastercard partnership provides a new standard for cross-border transactions. The collaboration addresses the diverse needs of various user segments with tailored solutions. Here are a few ways that dtcpay is helping its users: Helping Businesses Stay Competitive Globally For businesses paying overseas vendors or employees, dtcpay's solution enables quick and cost-effective global payments. While traditional international wire transfers can take up to 5 days, this solution cuts payment times significantly, helping companies keep their cash flow healthy and their operations running smoothly. Whether paying vendors in distant market or leveraging the gig economy, businesses can rely on dtcpay to make international payments efficient and hassle-free. Catering to Financial Institutions with a Robust API Infrastructure Financial institutions (FI), such as licensed brokerages, require secure and reliable APIs to handle their international transactions. dtcpay provides a high-quality API infrastructure that simplifies cross-border payments for institutions with complex financial needs. This partnership allows FIs to streamline their operations and offer superior services to their clients, enhancing their overall efficiency. Empowering Frequent Flyers with Choice and Convenience For frequent flyers with a busy schedule, the ability to send and receive payments quickly and easily is essential. dtcpay's one-stop payment solution allows individuals to manage their global finances without the need for high transaction volumes or complex processes. With transparent fees and rapid transfers, payments are a breeze, no matter where they are in the world. Driving the Future of Digital Payments This collaboration is a key step forward in dtcpay's mission to foster the widespread adoption of digital payments. By offering fast transaction times, greater transparency, and a seamless experience, dtcpay is providing users with a powerful solution for their cross-border financial needs. The integration with Mastercard Move ensures that dtcpay users have access to some of the most reliable, secure, and cost-effective cross-border payment services available. As the demand for faster, cheaper, and more predictable international payments grows, this collaboration empowers dtcpay to meet those needs. With Mastercard Move's trusted and scalable platform, users can also count on a secure and reliable experience throughout the entire payment process. 'At dtcpay, we are constantly pushing the boundaries of digital payments to ensure that our users enjoy the best-in-class experience. This collaboration with Mastercard Move is a significant milestone in achieving that goal. By enabling fast, transparent, and secure cross-border payments, we are not only improving the financial experience for our users but also empowering businesses, financial institutions, and individuals to thrive in an increasingly globalized world.' CEO & Co-Founder dtcpay Mastercard Move provides banks, non-bank financial institutions, direct disbursers, and their customers with a fast, secure money transfer solution, domestically and internationally. The portfolio spans more than 200 countries and 150+ currencies, reaching nearly 10 billion endpoints and more than 95% of the world's banked population. With the DTCPay Mastercard partnership in place, users can now enjoy a more efficient money transfer experience worldwide. Mastercard Move enables customers to enhance their money transfer offerings and maximize revenue by giving end users transparency and choice; specifically by enabling trackable payments, visibility of fees, estimated delivery times, and the option to receive payouts to bank accounts, digital and mobile wallets, cards, and cash.
Globe and Mail
10-06-2025
- Business
- Globe and Mail
Calgary Fintech, Finofo Raises $3.3M to Transform Cross-Border Financial Operations for Mid-Market Companies
Calgary, June 10, 2025 (GLOBE NEWSWIRE) -- CALGARY, Alberta, June 10, 2025 – Finofo, the financial operations platform helping businesses manage global payments, international receivables, FX, and AP workflows, today announced a $3.3 million seed funding round led by Watertower Ventures, with continued support from Motivate Venture Capital, SaaS Ventures, and Alberta-based private investors. The round follows a $1.7M pre-seed in 2023 and reflects the strong market pull and adoption Finofo has seen over the past year. Founded in Calgary by Prateek Sodhi and Charles Maranda, Finofo helps companies simplify international payments, consolidate multi-currency accounts, automate payables, and eliminate manual FX workflows. While the product was originally built for mid-market teams, growing demand from SMBs, especially those still relying on mailed cheques, exposed a bigger need. 'Finofo is tackling a mission-critical pain point for mid-market companies operating globally—something traditional banks and legacy systems have failed to solve. Co-founders Prateek and Charles are an exceptional team with deep domain expertise and a clear vision. We are thrilled to support their journey to become the category defining infrastructure platform for cross-border finance," said Jeremy Milken, General Partner, Watertower Ventures. With the threat of a Canada Post strike and rising costs to move money, SMBs are hit hardest. In response, Finofo is launching a $29/month Small Business Plan to give them everything they need to move money globally without friction. It includes: Unlimited free ACH, EFT, SEPA, and other local payments across 90+ countries US ACH receivable account in your business's name Live ERP syncs with QuickBooks, Xero, Sage, Dynamics, and NetSuite Batch payments, real-time approvals, and audit-ready workflows Smart FX cards and expense controls at no extra cost 'The only reason cheques are still around is because banks made wires expensive and receiving payments even harder,' said Prateek Sodhi, Co-founder of Finofo. 'Now, with a Canada Post strike looming, finance teams can't afford to wait on envelopes in the mail. Finofo gives every business an ACH receivable account in their name, so they can finally stop chasing cheques and start getting paid faster, with zero fees or friction.' Built for US & Canadian businesses operating across borders Finofo is the only financial operations platform built natively for both U.S. and Canadian entities, with embedded compliance and support for complex cross-border structures. The platform is especially relevant for energy, manufacturing, and logistics firms with international vendor and customer bases, and multi-entity operations. 'We designed Finofo to reduce the hours spent wrangling POs, FX conversions, and approvals, especially for finance teams working across entities and currencies,' said Charles Maranda, Co-founder at Finofo and former financial engineer at National Bank of Canada. 'Now, they can ingest hundreds of bills, sync to their ERP, and pay out in any currency, all in under five minutes.' Finofo's enterprise-grade infrastructure includes: SOX-compliant approval workflows Multi-entity treasury and FX automation Instant card freeze and fraud prevention Real-time visibility into cash, conversion needs, and payables This round will fuel expansion after tripling revenue in the last 12 months. About Finofo Finofo is the financial operations platform that simplifies global payments, automates AP and manages multi-currency operations in one flat-fee system. Founded in 2023, it's trusted by hundreds of businesses across North America. Learn more at Media Contact: Finofo Media Relations media@ Attachments Finofo Team Finofo Founders
Forbes
05-06-2025
- Business
- Forbes
SMBs Go Global: 3 Ways Bank Partnerships Can Transform The Small Business Payments Experience
By Jeff Koyen America's small and medium-sized businesses ('SMBs') employ almost half (46%) of the U.S. workforce, about 59 million people,[1] and account for 43.5% of the country's GDP.[2] They're also firmly on the rebound as quarterly small business employment growth returns to pre-Covid levels.[3] Meanwhile, SMBs are becoming more globalized and connected around the world. According to PCMI market research commissioned by Visa, nearly one-third of American SMBs make cross-border payments—international transactions that often help them manage suppliers, customers and operations.[4] getty Yet some major financial institutions fail to meet these clients' needs—especially when it comes to fast, efficient and cost-effective cross-border payments. Forzley co-founded VEEM (which stands for 'Very Easy Exchange of Money') to solve these problems. In 2022, the San Francisco-based payments platform joined a number of other digital financial services platforms that are partnering with Visa Direct to remove friction from global payments. So how can financial technology (fintech) innovators like VEEM close the gap between global payment expectations and real-world experiences? And how can that, in turn, help banks deliver new solutions for small businesses? Below, explore three ways financial institutions can use emerging fintech to create a better banking experience for their SMB customers. As every entrepreneur and executive knows, your business is only as strong as its balance sheet. For SMBs that rely on overseas suppliers and customers, managing cash flow can be a huge challenge. Due to the limitations of traditional banking, the process of getting paid and paying suppliers can take several days, even weeks. That's not a problem for Fintechs, like VEEM, that connect to the Visa Direct network. Without Visa Direct, payment platforms often rely on existing global banking infrastructure, such as SWIFT and correspondent banking, which do not meet the demands of most modern SMBs. Settling payments on traditional networks can take days. Visa, meanwhile, provides day-after settlement, which allows clients and partners, and their SMB customers, to send funds more quickly to payees and beneficiaries. Visa Direct also brings greater transparency to global payment processes, which was the case for VEEM. With Visa Direct, SMB customers can instead know exactly where their money is—helping them make more informed decisions. Visa Direct helps financial institutions to solidify account primacy by embedding real-time cross-border capabilities that keep SMBs transacting within their ecosystem—reducing outflows to other providers, improving future cross-sell opportunities. The digital economy may be global, but currency exchange rates remind us that borders still exist. When sending and receiving payments, SMBs can find themselves at the mercy of exchange rates. Imagine sending $1,000 to an overseas supplier on Monday morning, only to learn it's worth $950 when the payment finally clears. Real-time payments help solve this problem by reducing the settlement lifecycle. Visa Direct also offers its banking clients another tool: multi-currency accounts. Traditional banking institutions, on the other hand, convert foreign currencies according to their own schedule. Clients have no control or visibility into the process, potentially leaving a lot of money on the exchange rate table. For SMBs that regularly transact with the same overseas customers and suppliers, converting between currencies may not even be necessary. Using multi-currency accounts, they can hold funds in foreign currency and use these accounts to conduct their back-and-forth business. While foreign exchange fluctuations are unavoidable, these types of tools allow SMBs to have more control and visibility. Visa Direct enables financial institutions to offer multi-currency solutions that increase deposits and generate new revenue streams while giving SMBs more flexibility and control—all within the bank's branded environment. All too often, small and medium-sized organizations can feel ignored when their banks scale up to go after bigger enterprises. SMBs working across borders may feel this even more keenly with, for example, new fee schedules that benefit higher-volume clients. In Meszaros' view, ignoring those SMB pain points is a mistake. The issue may be one of perception: Modern small businesses extend far beyond the local grocery stores or mom-and-pop pharmacies that were once unlikely to expand beyond regional markets. Today's SMBs are comprised of startups, innovators, eager entrepreneurs and others seeking opportunities for growth. When banks stop paying attention to the changing SMB landscape, they may—inadvertently or not—remove the features, functions and favorable fees that help SMBs compete in global markets. When financial institutions overlook these evolving needs, they risk ceding ground to more agile fintechs that are actively courting SMBs with tailored, tech-forward offerings. The result? A gradual erosion of wallet share, weakened brand loyalty and a missed opportunity to grow long-term, high-value relationships with the next generation of business customers. Financial institutions that ignore small business needs may also find that their SMB customers start looking for other providers to fulfill them. In the case of VEEM, Forzley embraces the SMB market as an enormous opportunity. His company's partnership with Visa Direct, he adds, 'has been instrumental in making our vision a reality.' By leveraging Visa Direct, financial institutions can differentiate in a competitive market by launching SMB-first solutions that deepen engagement, build loyalty and position themselves as an innovation partner. *Actual funds availability depends on receiving financial institution and region. [1] U.S. Bureau of Labor Statistics, 'Small businesses contributed 55 percent of the total net job creation from 2013 to 2023', May 2024. [2] U.S. Small Business Administration, 'Frequently Asked Questions About Small Business, 2024', July 2024. [3] U.S. Small Business Administration, 'Economic Bulletin, Fourth Quarter 2024', January 2025. [4] Visa PCMI Payments & Commerce Market Intelligence, 'SMB Payments–Visa Direct Market Fit Analysis', July 2024.
Finextra
27-05-2025
- Business
- Finextra
Worldpay partners BVNK for stablecoin payouts
Worldpay has enlisted BVNK to bring nearly instant global payouts in stablecoins to its clients in the US and Europe. 2 The collaboration will enable Worldpay's clients to pay out to customers, contractors, creators, sellers, and other third party beneficiaries in stablecoins across more than 180 markets nearly instantly, without having to hold or handle the digital assets themselves. With a pilot set to go live in the second half of the year, clients will access the service through their existing integration with Worldpay's payouts platform. Stablecoin adoption is exploding, with $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024, according to Visa analysis. The deal builds on previous forays into stablecoins for Worldpay, which began offering merchants in some places the ability to receive settlements in USDC back in 2022 and has also completed a pilot with Visa to receive funds more quickly from the network. Jesse Hemson-Struthers, CEO, BVNK, says: 'Stablecoins are unlocking a new paradigm for global cross-border payments, offering benefits in speed, transparency, and accessibility versus traditional financial infrastructure, with around $5.7 trillion of stablecoin payments made in 2024. "However, interacting with crypto and blockchain technology can be daunting, which has limited adoption historically. When trusted providers like BVNK and Worldpay work together, we can simplify some of the complexity and bring modern, efficient payments options - on high-speed payment rails - to businesses across the globe.'
Forbes
22-05-2025
- Business
- Forbes
Singapore-Based Fintech Unicorn Airwallex Raises $300 Million
Jack Zhang, cofounder and CEO of Airwallex. Headquartered in Singapore, global payments platform Airwallex announced Wednesday it raised a $300 million Series F funding round led by VC firm Square Peg, valuing the decade-old fintech company at $6.2 billion. The round, which brought Airwallex's total funds raised to over $1.2 billion, included participation from billionaire Yuri Milner's DST Global, billionaire Stephen Mandel, Jr.'s Lone Pine Capital, Australian VC firms Blackbird and Airtree, and corporate VC firms Salesforce Ventures and Visa Ventures. 'We are excited to be leading Airwallex's most recent funding round,' said Paul Bassat, cofounder and partner at Square Peg, in a statement. 'From its roots in Melbourne, Airwallex is evolving into a generational global company. Its product offering meets critical needs for a large and growing cohort of global-first, digital-first companies that, in many cases, have complex financial services needs.' Half of the funding, or $150 million, took the form of secondary share transfers. Across ten or so previous funding rounds, with the most recent being an extended Series E in 2022, Airwallex's backers have spanned 1835i Ventures, a spinoff of the Australia and New Zealand Banking Group (ANZ Bank); billionaire Neil Shen's HongShan, formerly known as Sequoia Capital China; billionaire Pony Ma's tech giant Tencent; billionaire Zhang Lei's Hillhouse Capital; billionaire Solina Chau's Horizons Ventures, tied to Hong Kong's wealthiest person, billionaire Li Ka-shing; and pan-Asian VC firm Gobi Partners. The fresh Series F capital will go towards expanding Airwallex's global infrastructure into new markets and 'refining and scaling' its software for businesses, according to the company. With offices across the U.S., Europe and Asia-Pacific, Airwallex recently entered Latin America's two largest economies, securing a license to operate in Brazil and finalizing its purchase of Mexican payments-service provider MexPago. Airwallex's team. From left: Xijing Dai, cofounder and CTO; Jack Zhang, cofounder and CEO; Lucy Liu, cofounder and president; Max Li, cofounder and head of design. 'The global financial system wasn't built for today's borderless economy,' Jack Zhang, cofounder and CEO at Airwallex, added in a statement. 'At Airwallex, we're building a new foundation for the global economy – one that's fast, seamless, and built for scale. This investment marks a major milestone in our journey to redefine global banking, and to empower businesses everywhere to grow without limits.' Founded in 2015, Airwallex facilitates cross-border payments across 60 currencies and over 150 countries. Through its international finance platform, the company's products include multi-currency accounts, borderless cards, expense management and payment plugins, serving more than 150,000 businesses worldwide. To date, its customers have included Australian airline Qantas, HR software company Rippling, fashion retailer Shein, Chinese online shopping giant and Tencent Music Entertainment. As of this March, Airwallex reported over $720 million in annualized revenue, a year-over-year increase of 90%, and over $130 billion in global annualized payments. On the back of its growth, the company is eyeing an IPO in the next year, according to local media, although it has not confirmed the targeted size or location of its listing. Beyond payments, Airwallex is also actively diversifying its business into banking, asset management and other financial services. Last October, the company received a license to provide asset management services in Hong Kong. Similarly, last July, it received a financial services license from Australian regulators to offer businesses access to retail investment products, adding to its existing license in the country. That Airwallex has emerged as a global leader is no small feat. In the landscape for cross-border payments, 'competition to secure a stake within this evolving market is fierce,' consulting firm EY wrote in a 2024 report, with the industry projected to reach $290 trillion by 2030. Key trends shaping transformations in this space include the demand for seamless, real-time transactions and potential integrations with digital currencies, the firm added. Across its suite of services, Airwallex may continue to face off against behemoths such as payments processor Stripe, which hit a total payment volume of $1.4 trillion this February, and neobank Revolut, which reported a net profit of $1 billion in 2024, its fourth straight year of profitability. Airwallex's latest fundraise – one of Australia's largest for a private company in the past five years – has defied a recent slump in VC activity across the Asia-Pacific. Deal value in the region fell around 32% to $12.9 billion in the first quarter of the year, down from $18.9 billion the quarter prior, according to an April report by consulting firm KPMG. Still, investment has risen globally, reaching $126.3 billion in the first quarter, charged by a surge of investments in AI.
