Remittance company Circle launched free international person-to-person (P2P) services for users of its app in the UK, US and Spain, in a move it described as a disruption to the entire industry.
The Goldman Sachs-backed company, which received over $135 million in venture capital to launch and develop the business, offers a range of financial services including instant cash transfer in US dollars, Euros and Pound Sterling through its app.
From today, its customers are able to send money to other app users without paying commission or any foreign exchange surcharges.
In a joint statement, co-founders Jeremy Allaire (pictured) and Sean Neville said the reduction of fees “represents a disruption to the entire consumer cross-border payment market”.
“Prices and profit margins for payments are collapsing to zero, in the same way that the price of communications and information publishing collapsed to zero in the first phases of the internet,” the pair added.
Its app officially launched in the US, UK and Spain and is being trialled in Germany, France, Italy, Netherlands, Finland, Slovenia, Slovakia, Estonia, Austria, Portugal, Poland, Luxembourg, the Czech Republic, Croatia and Liechtenstein.
International remittance is one of a number of services available from Circle, including digital-currency exchange and social payments. The company also plans to move into wider financial services including credit, asset management and investment.