In a move to accelerate its growth across the international market, Kenya’s BitPesa has acquired TransferZero; an online money transfer platform based in Spain.
Launched in Kenya back in 2013, BitPesa has so far raised two rounds of funding, which in total hit the $10 million mark has established operations across Tanzania, Uganda, the DRC, Nigeria, Senegal, and U.K.
BitPesa is among the few international companies with license and infrastructure across Africa and Europe. Its acquisition of TransferZero is a strategic realignment for the BitPesa to plant its roots more in-depth into the UK and European online money transfer market.
“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, the founder, and CEO of BitPesa.
“Digital currencies and decentralized technology have hit critical mass in financial services and payments space. It is no longer a question of whether this technology will have staying power; rather, which specific technology and what product iteration will launch and scale first.
This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space. By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth.”
Founded in 2016, TransferZero was the first FinTech company to be authorized as a payment institution by the Bank of Spain. TransferZero is also a partner of Bankia, the largest bank in Spain and has some of the most exceptional FinTech innovations in the European FinTech space under its name.
Former TransferZero CEO, Luis Cambronero and the now Managing Director at BitPesa says BitPesa has the backing of top-tier institutional investors and the network that will help TransferZero scale to the next level more efficiently.
“Traditionally, residents would have to go to an agency or office to send money in cash. We enable our customers to quickly send money across the globe for free. Our new smartphone application is designed for the next generation of users,” said Cambronero.