- New partnership allows both firms to leverage combined resources
- Helps TransferTo accelerate its global consumer connectedness mission
- Comes as TransferTo heads for company record of $2 billion in sales
TransferTo, the London-headquartered mobile cross-border payments provider, has made an as yet undisclosed financial investment in the mobile data exchange OXIO.
OXIO is a relative newcomer on the blockchain scene, having launched only six months ago with the aim of helping its subscribers across the world pay less for mobile data, while keeping their mobile devices connected. The goal is to help them remain consistently active participants in the worldwide digital economy. OXIO features an open exchange and protocol above the blockchain, which enables it to orchestrate supply and demand so that all involved in the mobile connectivity chain can operate more efficiently.
The move represents something of a diversification for TransferTo, which since its launch in 2005 has specialised in international money transfers. In the intervening years, the company has established a prestigious reputation as a provider of secure, reliable and highly accessible mobile remittance services, especially for users based in emerging markets who are often bankless. TransferTo’s Business-to-Business international payments network links financial institutions with digital financial service providers worldwide, enabling real-time money transfer services and mobile top-ups in and out of emerging markets. So, what does it seek to gain from its investment in OXIO?
The answer is straightforward: TransferTo gets access to OXIO’s technology and its marketplace to purchase and vend mobile internet data, thereby delivering enhanced value to its network partners. The new arrangement lets TransferTo build a more sustainable launchpad for boosting its technological capabilities and improving the way it buys and sells mobile data.
As for OXIO, the partnership benefits it by granting it access to TransferTo’s colossal network of worldwide carrier partners, who will be able to tap into its connectivity wizardry.
TransferTo’s Chief Technology Officer, Bruno Premartin becomes a Technical Advisor to OXIO under the deal.
The international payments firm’s CEO, Peter De Caluwe, said that his company’s investment in OXIO would accelerate its transformation plans and afford it a more advantageous position to deliver its strategy and mission: to provide forward-thinking and enduring digital value solutions to its network partners. The deal also furthers their broader goal to connect people across the world.
He said: “The technology and operational acumen of the OXIO team will be a welcome addition to our company, and through this investment, we look forward to developing our technology and product capabilities.”
Meanwhile, OXIO CEO Nicholas Girard described the investment as ensuring a perfect fit for both firms, which will now be able to leverage off one another’s strengths to provide the most advanced mobile solutions to connect people globally. He added: “TransferTo is already a global leader in digital value services and have the backing of an impressive management team, innovative technology solutions and a solid partner portfolio.”
In April this year, TransferTo exceeded its own expectations by hitting $800 million well before the first half of 2018 was done, they have announced that they are on course to break $2 billion in sales by December. Given that the previous year, it only booked $300 million during H1, this was an impressive and welcome development for the popular firm, which is currently available in more than 70 countries and offers remittance services in over 100 currencies.
If you’d like to read more about TransferTo, please feel free to enjoy our article here.
