The deal will see Currencycloud boost Paysend’s FX and treasury capabilities, with the fintech becoming a key partner of cross-border money movement flows for Paysend across the US, EMEA, and Asia-Pacific.

The deal also means that Paysend customers now have access to multi currency wallets, which let users hold up to 34 currencies in the same app. Paysend customers will also access payments via the Swift network adding further choice to Paysend’s extensive global coverage.

Ronnie Millar, CEO and co-Founder of Paysend, said: “We’ve worked with the team at Currencycloud for several years now and our partnership keeps going from strength to strength. I believe the secret to our success together is that we share a vision for making the global money transfer landscape simpler and more inclusive.”.

Paysend is also significantly expanding its remittance offering in the UK, EU, Canada, and the USA, drawing on Currencycloud’s experience working with innovative digital remittance firms that offer cheaper, fairer, and more transparent services than traditional suppliers. Paysend customers in those regions will be able to send remittances to over 180 countries around the world via Swift and local payment networks.

Piers Marais, Head of Product for Currencycloud, said: “UN estimates suggest that between 2015 and 2030 around $6.5 trillion will be sent home to developing countries by migrants. It’s a vital cross-border flow that well exceeds even international aid budgets.

“Paysend bringing their technology and expertise into this space is a huge boost for the sector, and we’re proud to be on the growth journey with them”.

Currencycloud will also be supporting Paysend on the launch of new consumer-facing products and services scheduled for release in late 2024.