Mobile remittance hub TransferTo revealed “record growth” across its International Money Transfer business, with more than 6.3 million transactions processed across the network over the past six months.
The company, which unveiled the network in 2015, said the growth in transactions had led to an eight-fold increase in revenue for the business line, with the majority of uptake coming from the Middle East, South East Asia, Europe and Africa.
Its network is designed to link money transfer operators, digital financial services, operators’ mobile wallets, financial institutions, NGOs and global merchants It does so via a single API connection which the company said enables those organisations to offer mobile-based money transfers to and from emerging markets.
The service builds on TransferTo’s core business of enabling transfers from banks and operators in the US and the Middle East to prepaid mobile accounts in the developing world. It agreed partnerships with numerous operator groups, including Vodafone and MTN.
In a statement, the company said its cross border payment system is now available in more than 135 countries, using more than 100 currencies, with funds delivered in real time.
Peter de Caluwe, CEO of TransferTo said the growth “demonstrates the demand and appetite for cross-border money transfers”.