Our blog & Ideas

Some days we have genius ideas. This is where we tend to write them down.
Take note so you can feel as smart as us one day.

Brett Dvoretz

July 13, 2015

comments

International Money Transfer News Weekly Update 7/13/2015

 

PayPal to Buy Xoom Digital Money Transfer Provider for $890 Million

As Paypal plans its separation from EBay, they have looked to muscle their way further into the global remittance market. Their most recent move is to buy Xoom Digital Money Transfer provider for roughly $900 million. They are paying a 21 percent premium over Xoom’s closing price of $20.70 last Wednesday. Xoom currently has 1.3 million customers across 37 countries and with the backing of Paypal, they should be able to expand into even more markets. Paypal expects the deal to slightly hurt its adjusted earnings per share for 2016, but they should bounce back in no time. Read more…

 

Ask an Expert: ‘Should I Buy Euros Now or in a Month?’

There has been a lot of speculation about Greece exiting the Eurozone and how that would affect the price of the Euro. There is a strong likelihood that is Greece left, the Euro would weaken across the board, at least in the short term. Expect uncertainty in the markets and stimulative actions by the ECB until things stabilize. More than likely we would see the Sterling and the Dollar rise against the Euro and it could be a good time to start planning your next money transfer into Euros. Read more…

 

Kenya Lifts Suspension of Somali Money Transfer Agencies

The Central Bank of Kenya (CBK) has lifted its April 7th suspension of 13 Somali money transfer services. In addition to suspending the money transfer services, the CBK froze the assets of dozens of individuals, travel companies and NGOs in an attempt to clamp down suspected sympathizers of al-Shabaab. When the suspensions were originally enacted, the Governor of the CBK said the closures would adversely affect Kenya’s Somali community. It is estimated that between $70 million and $100 million is currently transferred into Kenya every month through informal money remittance methods. One of the companies that was affected by the suspension which has been reinstated is Dahabshiil, Kenya which handles money transfer and banking services for the UN, the World Bank, Oxfam and Save the Children. Read more…

 

API-Based Money Mover Currency Cloud Taps Sapphire Ventures And Rakuten For $18M

There is no shortage of FinTech startups that help people transfer money across global borders. One might say they are popping up like weeds. The growth in the industry is being fueled by increased consumer demand. Currency Cloud, a startup that has built technology that powers the FinTech startups is doing some VC fund raising of their own.

Currency Cloud has landed an $18 million round of funding. Its main technology and product is called Payment Engine which is the essential engine behind well known money transfer services such as Azimo, TransferWise and XE.com. Currency Cloud currently processes $10 billion in payments between its clients. Read more…

 

Western Union Restarts Money Transfer Service in Greece

Western Union has restarted their money transfer service in Greece after suspending it at the end of June. Customers will now be able to receive overseas funds once again, but will still be restricted to the 60 Euro a day limit imposed by the Greek government. In addition to restoring their in-bound transfers, Western Union is also looking to expand its payout locations across Greece. Read more…

 

Euronet Ramps Up Money Transfer Division with XE Buyout

Euronet Worldwide recently purchased XE.com, one of the leaders in the digital foreign exchange information sector. XE has a solid ranking among the top 500 websites worldwide and is one of the top five business news websites. It generates nearly $10 billion in revenues annually and their recently launched mobile app has more than 35 million downloads. The company expects their revenue to more than double following the merger. The merger is another strategic move by Euronet to ramp up their money transfer division. They have recently made investments in Ria Digital and acquired HiFX in MAy of 2014. Read more…

 

Western Union Enhances Mobile Money Transfer Capabilities in Africa

Western Union has been focusing on growing its reach across Africa and they have launched a new mobile transfer service in Rwanda and the Ivory Coast. Customers in both countries can now receive a Western Union money transfer into their mobile wallet. They can also use the money to pay bills, initiate a person to person transfer, buy mobile airtime and many other services. In addition to the digital wallet transfers, Western Union now has 400 physical cash pick up locations across Rwanda and 1,350 across the Ivory Coast. Integrating their service with MTN, one of the leading Mobile Money subscribers in Africa, was a smart move by Western Union which will help them expand their reach to a large amount of new customers. Read more…

 

Xoom and TransferTo Create One-stop Shop for International Prepaid Mobile Top-up

Xoom, one of the leading digital money transfer firms, has announced a collaboration with TransferTo, a global hub for mobile money transmission and international airtime credits. Xoom customers will now be able to recharge international prepaid mobile phones in 22 countries from Mexico to the Philippines. U.S. based customers will be able to instantaneously send airtime credits to friends and family overseas. All it takes is a name and a mobile phone number. It is estimated that $10 billion is sent annually between cell phones and this move will allow Xoom to expand its remittance portfolio generating increased consumer loyalty. Read more…

 

Leave A Comment