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Day: February 17, 2021
Cross-border money transfer company TransferGo has chosen to build products on cloud-based banking platform from financial technology (fintech) firm Thought Machine as it expands its business.
As customers were increasingly demanding the ability to complete more transactions within its ecosystem, the company decided to add a digital wallet to its app.
The wallet, which TransferGo described as an anchor product for future additions, will be built on Thought Machine’s Google-inspired cloud platform, known as Vault.
Set up eight years ago, TransferGo’s cross-border payments business, which offers exchange rates much lower than banks, has been focused on European migrants. It recently hit the three million customer mark, and it processed around five million transactions in 2020, a 60% increase on the previous year, worth about £1.5bn.
The company is now expanding its offering. “We are moving more and more into new consumer use cases that everybody can use. A wallet