In today's globalized economy, cross-border payments have become an essential aspect of international business and commerce. Fintech companies specializing in cross-border payments have emerged as key players, revolutionizing the way money is transferred across borders. This article delves into the top 10 cross-border payment fintechs by total funding, breaking down their innovative approaches and the significant impact they've had on the market.
In today's globalized economy, cross-border payments have become an essential aspect of international business and commerce. Fintech companies specializing in cross-border payments have emerged as key players, revolutionizing the way money is transferred across borders. This article delves into the top 10 cross-border payment fintechs by total funding, breaking down their innovative approaches and the significant impact they've had on the market.
TransferWise, rebranded as Wise, was founded in 2011 by Taavet Hinrikus and Kristo Käärmann. This London-based fintech started with the vision of making international money transfers cheaper and faster. Wise operates on a peer-to-peer exchange model, which matches money transfers with other users, effectively cutting down costs associated with traditional banking.
As of the latest funding rounds, Wise has amassed over $1.3 billion in total funding. Their Series E round in 2019, led by Lead Edge Capital, saw a substantial $292 million injection. This significant funding has enabled Wise to continually innovate and expand its services globally, currently serving over 10 million customers across 70 countries.
Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, is another London-based fintech making waves in the cross-border payment space. Initially launched as a travel card offering favorable exchange rates, Revolut has expanded its services to include personal and business accounts, cryptocurrency trading, and stock investments.
Revolut has attracted over $1.7 billion in funding through various investment rounds. Their Series D funding in 2020, led by TCV, raised $500 million, reflecting investor confidence in their diversified financial services. Revolut's ability to offer multi-currency accounts and fee-free international transfers has positioned it as a formidable competitor in the fintech arena.
Founded in 2005 by Yuval Tal, Payoneer is a New York-based fintech that provides online money transfer and digital payment services. Payoneer's platform facilitates seamless cross-border transactions for businesses, freelancers, and online sellers, making it a preferred choice for eCommerce and digital marketing sectors.
Payoneer has secured over $270 million in funding, with a notable $180 million raised in a Series E round led by TCV in 2016. Their strategic partnerships with major companies like Amazon, Airbnb, and Google have bolstered their market presence, enabling them to serve millions of customers worldwide.
Ripple, established in 2012 by Chris Larsen and Jed McCaleb, utilizes blockchain technology to enable real-time cross-border payments. Ripple's digital currency, XRP, acts as a bridge currency to facilitate liquidity and instant settlement of international transactions.
With over $293 million in total funding, Ripple's innovative use of blockchain has garnered significant attention. Their Series B funding in 2016, which raised $55 million, was a pivotal moment in their journey. Ripple's technology has been adopted by numerous financial institutions, making it a critical player in the cross-border payment ecosystem.
Airwallex was founded in 2015 by Jack Zhang, Max Li, Xijing Dai, and Lucy Liu. Based in Melbourne, Australia, Airwallex provides an end-to-end solution for cross-border transactions, focusing on reducing costs and improving efficiency for businesses.
Airwallex has raised over $700 million in funding, with their Series D round in 2021 alone bringing in $200 million. Their innovative approach, which includes virtual bank accounts and multi-currency wallets, has attracted a growing customer base and positioned them as a leader in the fintech space.
InstaReM, rebranded as Nium, was founded in 2014 by Prajit Nanu and Michael Bermingham. This Singapore-based fintech specializes in cross-border payments, offering competitive exchange rates and fast transfer times.
Nium has secured over $200 million in funding, with their Series C funding in 2018 raising $41 million. Their strategic acquisitions and partnerships have enabled them to expand their services to over 100 countries, catering to both individual and business customers.
Founded in 2012 by Nigel Verdon, Currencycloud provides a platform that enables businesses to manage international payments and collections. Their cloud-based technology simplifies the complexities of cross-border transactions, making it easier for businesses to operate globally.
Currencycloud has raised over $160 million in funding, with their Series E round in 2020 raising $80 million. Their cutting-edge platform has been integrated by over 500 financial institutions, processing billions in cross-border payments annually.
WorldRemit was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe. Headquartered in London, WorldRemit offers a digital alternative to traditional money transfer services, focusing on remittances sent by migrants to their home countries.
WorldRemit has secured over $400 million in funding, with a significant $175 million raised in a Series D round in 2019. Their user-friendly app and competitive pricing have made them a preferred choice for remittances, serving millions of customers in over 130 countries.
Remitly, founded in 2011 by Matt Oppenheimer, Josh Hug, and Shivaas Gulati, is a Seattle-based fintech that focuses on providing fast and affordable remittance services. Their platform enables customers to send money across borders with ease and transparency.
Remitly has raised over $505 million in funding, with their Series F round in 2020 bringing in $85 million. Their commitment to customer satisfaction and continuous innovation has resulted in a loyal user base, with millions of transactions processed annually.
Veem, founded in 2014 by Marwan Forzley, is a San Francisco-based fintech that simplifies global business payments. Their platform uses blockchain technology to streamline cross-border transactions, reducing costs and improving efficiency for businesses.
Veem has raised over $100 million in funding, with their Series C round in 2018 securing $25 million. Their innovative use of blockchain has attracted a diverse customer base, from small businesses to large enterprises, making them a significant player in the cross-border payment industry.
The rapid growth and substantial funding of these top cross-border payment fintechs underscore the importance of innovation in the financial sector. By leveraging cutting-edge technology, these companies are not only enhancing the efficiency of international transactions but also making financial services more accessible to a global audience. As these fintechs continue to evolve, they are set to play an increasingly pivotal role in the global economy, shaping the future of cross-border payments.
