B2B payment automation provider Monoova has merged with currency fintech Moneytech FX to expand its cross-border payment offering.
The terms of the merger agreement were not disclosed, with Moneytech now under the Monoova brand and headquartered in Sydney with a team of approximately 70.
Monoova co-founder and CEO Christian Westerlind Wigstrom said the M&A deal means: customers can access a toolkit for domestic and global payment flows through a single API gateway.
“The new Monoova platform allows customers to automate the receipt, payment and management of domestic and cross-border funds, reducing costs and resources and allowing teams to focus on growth and innovation,” he said.
“Our ultimate goal is to make the experience of moving money from Perth to Berlin as easy as moving money from Sydney to Brisbane.”
The company offers FX for G10 currencies – the Australian, New Zealand, Canadian and US Dollars, the Euro, Japanese Yen, Norwegian Krone, British Pound, Swedish Krona and Swiss Franc and the US Dollar, from up to three business days to near-real time.
Monoova has moved about $50 billion through its platform since its launch five years ago, serving fintechs such as Jacaranda, Hnry and Wise, while Moneytech FX has moved about $12 billion in cross-border trades in the past 18 months.
Andrew Kilroe, Monoova’s Chief Vision Officer and FX lead, said: “Moving money seamlessly and securely across borders helps clients deliver a high-quality experience to their customers and partners in overseas markets and brings financial inclusion to underserved markets. We are very excited about the ability to deliver this capability to the Australian market.”