Latest news with #internationalmoneytransfer
Finextra
19 hours ago
- Business
- Finextra
Western Union, Zoona and Chipper Cash launch international money transfer services
Western Union, Zoona Transactions Zambia Limited and Chipper Cash today announced the launch of international money transfer services in the Chipper Cash app. 0 The co-branded service enables customers in Zambia to send and receive money globally, based on their convenience and needs. Zoona is a leading fintech and enterprise payments platform in Zambia. Acquired by Chipper Cash in 2022, the two brands now support 5 million customers across Africa. Today's announcement combines Western Union's global strength and 175 years of expertise in international money movement with Chipper Cash's and Zoona's deep local payments knowledge and innovative mobile technology platform. Chipper Cash app users can now support their loved ones by sending and receiving money seamlessly across Western Union's network of over 200 countries and territories. They also have the flexibility to send funds to mobile wallets worldwide, as well as for cash pick-up at hundreds of thousands of locations abroad. Payout to bank accounts shall be launched shortly. 'Zambia's digitally savvy population of over 20 million is driving a remarkable shift toward mobile-first financial solutions,' said Mohamed Touhami el Ouazzani, Western Union's Regional Vice President of Africa. 'Integrating our international money transfer services in the Chipper Cash app means customers can transfer funds across our global network - reliably and with ease. I am delighted then that, together, we are expanding the possibilities for Zambians to connect, transact and thrive in the global economy.' The Chipper Cash app is available for download on both Android and iOS smartphones. To initiate a Western Union transaction, customers can use funds stored in their Chipper Cash wallet. The wallet can be conveniently topped up at multiple cash and digital payment touchpoints, including retailers, mobile network operators, banks and ATMs. 'At Zoona, we've witnessed firsthand the incredible evolution of Zambia's financial landscape—from the early days of cash-based transactions and agent networks to a thriving ecosystem of mobile and digital payments,' said Brett Magrath, CEO at Zoona and CPO at Chipper Cash. 'This partnership marks the next chapter in that journey. With smartphone adoption on the rise, there's an increasing appetite for digital financial services that move beyond USSD to deliver richer, app-based experiences. This partnership extends the reach of Zambia's vibrant fintech ecosystem—connecting more users to global financial services through a seamless digital experience.' The collaboration builds on Western Union's well-established physical presence in Zambia that caters to diverse and fast-evolving customer needs. The move also supports Western Union's, Zoona's and Chipper Cash's shared mission to make financial services accessible to all consumers in Zambia - regardless of their banking status.
Zawya
19 hours ago
- Business
- Zawya
Western Union, Zoona and Chipper Cash Launch International Money Transfer Services
Western Union ( Zoona Transactions Zambia Limited and Chipper Cash today announced the launch of international money transfer services in the Chipper Cash app. The co-branded service enables customers in Zambia to send and receive money globally, based on their convenience and needs. Zoona is a leading fintech and enterprise payments platform in Zambia. Acquired by Chipper Cash in 2022, the two brands now support 5 million customers across Africa. Today's announcement combines Western Union's global strength and 175 years of expertise in international money movement with Chipper Cash's and Zoona's deep local payments knowledge and innovative mobile technology platform. Chipper Cash app users can now support their loved ones by sending and receiving money seamlessly across Western Union's network of over 200 countries and territories. They also have the flexibility to send funds to mobile wallets worldwide, as well as for cash pick-up at hundreds of thousands of locations abroad. Payout to bank accounts shall be launched shortly. 'Zambia's digitally savvy population of over 20 million is driving a remarkable shift toward mobile-first financial solutions,' said Mohamed Touhami el Ouazzani, Western Union's Regional Vice President of Africa. 'Integrating our international money transfer services in the Chipper Cash app means customers can transfer funds across our global network - reliably and with ease. I am delighted then that, together, we are expanding the possibilities for Zambians to connect, transact and thrive in the global economy.' The Chipper Cash app is available for download on both Android and iOS smartphones. To initiate a Western Union transaction, customers can use funds stored in their Chipper Cash wallet. The wallet can be conveniently topped up at multiple cash and digital payment touchpoints, including retailers, mobile network operators, banks and ATMs. 'At Zoona, we've witnessed firsthand the incredible evolution of Zambia's financial landscape—from the early days of cash-based transactions and agent networks to a thriving ecosystem of mobile and digital payments,' said Brett Magrath, CEO at Zoona and CPO at Chipper Cash. 'This partnership marks the next chapter in that journey. With smartphone adoption on the rise, there's an increasing appetite for digital financial services that move beyond USSD to deliver richer, app-based experiences. This partnership extends the reach of Zambia's vibrant fintech ecosystem—connecting more users to global financial services through a seamless digital experience.' The collaboration builds on Western Union's well-established physical presence in Zambia that caters to diverse and fast-evolving customer needs. The move also supports Western Union's, Zoona's and Chipper Cash's shared mission to make financial services accessible to all consumers in Zambia - regardless of their banking status. Distributed by APO Group on behalf of Western Union Holdings, Inc.. Media Contacts: Western Union: Nicholas Mandalas, Chipper Cash: Goldie Iyamu: Goldie@ About Western Union: The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit About Chipper Cash: Chipper Cash is a financial technology company serving more than five million customers across the African continent. In 2018, Chipper Cash revolutionized moving money in Africa by providing a frictionless way to send and receive money cross-border. Since then, Chipper has increased its product suite by offering personal investments and digital business transactions and expanded its reach into the US. Led by co-founders Ham Serunjogi and Maijid Moujaled, Chipper Cash is focused on its mission to provide the most trusted and accessible financial services for people living in Africa and beyond. About Zoona: Zoona is a fintech platform building intelligent financial infrastructure for local and global businesses. With operations rooted in Zambia, Zoona offers a suite of services including mobile money, enterprise disbursements, digital collections, and cross-border remittances. Regulated by the Bank of Zambia, Zoona leverages over a decade of experience—one of Zambia's earliest mobile money pioneers—to deliver secure, accessible, and scalable financial solutions.
Finextra
29-06-2025
- Business
- Finextra
Deep Dive: Wise – Building a World of Money Without Borders: By Sam Boboev
Wise (formerly TransferWise) has quietly become one of fintech's biggest success stories, transforming how people and businesses send money across borders. From humble startup origins in 2011, Wise now moves over £145 billion internationally each year for 15+ million customers – at a fraction of the cost charged by banks. In doing so, Wise saved its users an estimated £2 billion in fees in FY2025 alone. It's a rare fintech that's both fast-growing and profitable, pursuing a bold mission encapsulated in its slogan: 'Money without borders – instant, convenient, transparent and eventually free.' This deep dive explores why Wise matters today – covering the massive market it's tackling, its journey and products, the technology and regulatory infrastructure under its hood, its recent financial performance, competitive landscape, and what customers and leadership are saying. A Massive Market Ripe for Disruption Moving money internationally has long been notorious for high costs and hassle. Over £22 trillion crosses borders each year, projected to reach £28 trillion by 2027 as globalization drives more migration, remote work, and global commerce. By Wise's own 2025 estimate, the number may be as high as £32 trillion annually. Historically, this market was dominated by big banks and legacy remittance providers relying on an antiquated correspondent banking network. International transfers often meant 'expensive, slow and inefficient service, reliant on outdated infrastructure,' as Wise's 2023 report bluntly puts it. Banks and incumbents like Western Union layered on fees and hidden exchange rate markups – profiting from customers' lack of transparency. The result: sending money abroad could cost 5-8% in fees (often not obvious upfront) and take days to arrive. Wise was founded to change this status quo. Its vision of 'Money Without Borders' is about making moving money 'as cheap, fast, and convenient as sending an email,' in the words of its co-founder. Wise's core innovation was using technology and clever account structures to eliminate intermediaries and hidden fees, giving users the real mid-market exchange rate and charging only a low upfront fee. As we'll see, this strategy is forcing the industry to evolve. Today, many fintechs and even banks are racing to offer cheaper, easier cross-border payments – yet traditional banks remain Wise's primary competitors, still handling the majority of cross-currency transactions. A growing field of digital challengers (from neobanks like Revolut to PayPal's Xoom and others) are also carving out niches. But Wise has a head start in scale, efficiency, and trust – built over a decade of singular focus on solving this problem. From Startup to Public Company Wise's origin story is a personal one. In 2011, two Estonian friends living in London – Kristo Käärmann and Taavet Hinrikus – grew frustrated with the 'massive problem' of bank fees on international transfers. They started TransferWise that year to help people send money abroad at the true exchange rate. The concept resonated: by 2014, having raised a $58 million Series C to expand globally, TransferWise launched in the US and Australia. The company hit major milestones quickly. It reached its first £1 billion transferred (cumulative) in 2014, and by 2017 was profitable with over £1 billion being moved every month through its platform – a rarity in fintech. Importantly, Wise also became an innovator in financial infrastructure early on. In 2016 it gained direct access to the UK's Faster Payments network (the first tech company to do so), showing a knack for working with regulators to improve speed and cost. Over time, TransferWise broadened its offerings beyond person-to-person remittances. In 2016 it launched its first business accounts for SMEs to send money internationally on better terms. By 2018 it rolled out a borderless multi-currency account and debit Mastercard, enabling customers to hold money in multiple currencies and spend it via card in different countries with low fees. The company's global footprint also expanded: it opened offices around the world (10 offices by 2019, including a European hub in Belgium to navigate Brexit) and set up an Asia-Pacific hub in Singapore in 2017. In 2021, reflecting its broadened mission, TransferWise rebranded to 'Wise.' That same year, Wise went public via a direct listing on the London Stock Exchange – notably, London's largest tech listing ever at the time. The listing valued Wise at ~$11 billion, signaling its arrival as a major fintech player. Today, Wise is truly international: over 6,500 employees ('Wisers') across 20+ offices serve customers in 170+ countries. Yet the company insists it's 'still solving only a fraction of the problem'. As CEO Kristo Käärmann wrote, 'Twelve years ago we set out to solve the massive problem people and businesses face in sending money around the world… While we're nowhere near mission complete, 16 million people and businesses are now helping us get closer every day.' In the next sections, we'll examine how Wise is attempting to fulfill that mission through its products and underlying infrastructure. --------- Source: Wise Annual Reports FY2023–FY2025; product pages and blog; CEO and executive statements from Wise reports; and Wise investor reports highlighting key metrics. All data and quotes are from official Wise materials. Disclaimer: Fintech Wrap Up aggregates publicly available information for informational purposes only. Portions of the content may be reproduced verbatim from the original source, and full credit is provided with a "Source: [Name]" attribution. All copyrights and trademarks remain the property of their respective owners. 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