SINGAPORE, Oct. 20, 2020 /PRNewswire/ -- Global fintech infrastructure platform Nium and Unifimoney, a San Francisco-based neobank, have entered into a partnership that will enhance the outbound money transfer experience for Unifimoney users. The partnership will expand Unifimoney's capabilities, introducing convenient, secure, and real-time global payment capabilities to customers of Unifimoney.
While new technological advances and the continuing inefficiencies of traditional banks have given rise to dozens of neobanks, most have yet to tackle the challenge of international money transfers. With more people turning to digital financial tools, and increased competition from other digital payments providers, there is a need for neobanks to step up their offerings and capabilities to stay ahead, and Unifimoney is looking to offer their customer base yet another reason to make the switch.
The international money transfer capability provided by Nium will supplement Unifimoney's solution for automated money management across saving, spending and investing. Unifimoney users will be able to send funds overseas to major corridors in Europe and Asia easily within the app, and at a much lower FX rate than banks.
"In today's competitive payments environment, new technology makes an incredible difference in delivering the best customer experience, and we are thrilled to be the trusted provider for international money transfer services for Unifimoney and its customers," said Gabriel Grisham, Vice President & Head of Business Development, the United States of America, at Nium.
"Nium's mission is to create a global fintech infrastructure that can enable banks, financial institutions and other fintech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so. This partnership with Unifimoney to enhance their payments capabilities beyond the US is a testament to that effort," Gabriel continued.
"The Unifimoney user is a high-earning, highly educated professional, often in tech or medicine. Many have already asked about sending money to friends and family back home, so we're very excited to deliver the best-in-class solution for global payments by partnering with Nium," said Ben Soppitt, founder and CEO of Unifimoney.
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium's investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
Unifimoney offers high-performance banking: a single mobile account that seamlessly integrates a high-yield checking account, a credit and debit card, and investing. Unifimoney offers users a rich set of features and functionality combined with the simplicity of automation. Serving professionals in the legal, medical, financial and tech fields, Unifimoney is in private beta from April 2020. www.unifimoney.com