- ArcaPay, a fintech based in both Lithuania and the UK, has said that it will be launching in the Latvian money transfer sector.
- The new scheme will work with businesses that trade beyond the borders of the eurozone.
- “In light of ArcaPay’s c. 40% annual growth rate in Lithuania, we are excited to enter the Latvian market, which currently seems underserved,” said a spokesperson for the company.
ArcaPay, a financial technology company with extensive experience in the international money transfer sector, has confirmed that it will be moving into the Latvian payments market.
The firm, which is based in both Lithuania and the UK, said that it will be going into the Latvia money transfer sector to enhance its aim of becoming a major non-bank currency broker.
It will be working on a business-to-business client service focusing on small to medium-sized enterprises, press reports said.
It is thought that the new scheme will work with those who trade beyond the borders of the eurozone.
It will also act as a different option compared to traditional banks, which can frequently be inefficient.
ArcaPay was set up in London more than 10 years ago. As well as offering international payments, it also offers companies a foreign exchange and currency risk management service.
Overall, the firm caters to businesses in more than 20 countries from across the globe, and offers payment services to more than 100 nations.
“In light of ArcaPay’s c. 40% annual growth rate in Lithuania, we are excited to enter the Latvian market, which currently seems underserved,” said Marius Bausys, the founder of ArcaPay.
“SMEs have historically been overlooked by the banking sector, thus we expect that our client-centric approach will make the difference,” he explained.
“Our clients in other countries appreciate the value we bring to the table and we hope to deliver the same to our clients in Latvia: fast payments, competitive exchange rates, no fees or commitments and excellent customer service.”
He also observed that companies in places such as Latvia were less likely than some other nations to take an active approach to risk management.
“Comparing with other, more developed markets like the UK, businesses in the Baltic States are more passive in managing their foreign exchange exposures.”
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