TransferTo Sets Sights on Record Year Following Strong H1 Results
Singapore – 31 July 2018 – Today, TransferTo, a global cross-border mobile payments network, is announcing record growth across its International Money Transfer business with the GSV reaching nearly $800 million within the first six months of 2018. This represents significant growth for the company, having only launched the money transfer platform less than two years ago, and today, already more than doubling its entire 2017 total of $310 million. TransferTo expects the final 2018 GSV to exceed $2 billion.
With the growing adoption of mobile phones, now hitting 5 billion users, and the increasing usage of mobile wallets, the appetite for cross-border money transfers – and alternative payment solutions – shows no signs of slowing. 1 This is especially prevalent in emerging economies across Sub-Saharan Africa and South Asia where demand for financial services is high, yet the penetration of banking services is low.
This growth for TransferTo comes off the back of a few recent partnerships including Orange Money in Botswana and EcoCash in Zimbabwe, enabling mobile wallet to mobile wallet money transfers, and with PayPal and Safaricom to connect Kenyan consumers and businesses to the global e-commerce marketplace. Prior to this, in late 2017, TransferTo announced its partnership with South East Asia’s leading mobile ride-hailing and payments platform, Grab, to facilitate real-time driver payouts.
“We’re delighted that our money transfer business is growing year-on-year, and we only expect it to rise further,” said TransferTo’s Chief Customer Officer, Aik-Boon Tan. “Competition across the market remains strong and I am proud that we have been able to exceed our forecasts and deliver solid results across every region that we operate in. With our current pipeline and unparalleled technology that we offer, we are very confident that we will carry this momentum across the rest of 2018 and continue to offer smarter payments solutions for emerging markets,” said Mr. Tan.
TransferTo’s international money transfer was first launched in late 2016 and today, the network spans across more than 70 countries, using over 100 currencies and works with over 200 partners worldwide. For more information, please visit: www.transfer-to.com/
TransferTo is a leading global cross-border mobile payments network which interconnects money transfer operators, mobile money operators, mobile wallets providers, banks, financial institutions, NGOs and global e-commerce merchants to facilitate real-time international money transfers to and from emerging markets – all through one single API connection and one global compliance framework.
Today, our network spans across more than 70 countries and works with over 200 network partners and offers P2P money transfers, corporate mass payouts
and merchant payment services.
TransferTo Mobile Financial Services Ltd. is
authorised by the Financial Conduct Authority in the United Kingdom under the Payment Services Regulations 2017 (Ref. 720167) for Money Remittance and the Execution of Payment Transactions as an Intermediary Payment Service Provider. TransferTo Mobile Financial Services Ltd. is also registered with and regulated by HM Revenue and Customs in the United Kingdom for Money Laundering Regulations as a Money Transmitter (Ref. 12807977).