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Wyre Announces Strategic Acquisition of Retail Cross Border Payments Service to WorldFirst

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Wyre Announces Strategic Acquisition of Retail Cross Border Payments Service to WorldFirst

Wyre has entered into a definitive agreement to sell the majority of its retail money transfer business to WorldFirst, giving the seller a chance to focus more on its cryptocurrency strategy.

PR Newswire

SAN FRANCISCO, Aug. 16, 2018 /PRNewswire-PRWeb/ -- Wyre today announced that it entered into a definitive account transfer agreement for the sale of the majority of its retail money transfer business to WorldFirst. The transaction has already completed and the migration process has started. The transaction is part of Wyre's larger focus for their API-first approach and WorldFirst's global infrastructure and payment coverage made them a clear choice.

The transaction is expected to see WorldFirst benefit from access to new retail customers who are sending money and paying invoices throughout China, Mexico, Hong Kong, Brazil and the United Kingdom.

Wyre started servicing individual retail businesses in 2016 and has grown the business to over $100MM in yearly processing volume. Wyre's strategic focus to target a limited number of countries allowed the San Francisco based company to acquire clients within the e-commerce, education, manufacturing, and transportation industry.

"We're excited for the partnership and it was a clear choice to make the transaction work with WorldFirst," says Ioannis Giannaros, Chief Operating Officer of Wyre. "Wyre has invested a lot of time building relationships with our clients and we're confident that WorldFirst has the world-class customer service to help service all of the accounts."

Founded in 2004, WorldFirst has grown to become one of the largest payments companies in the world. WorldFirst processes over $15 billion a year, offering great rates and award-winning service, with full licensing and a global presence throughout 8 regional offices.

"We value the integrity and dedication behind WorldFirst. They respect the ecosystem, and put their customers front and center at all times." continues Giannaros, "They combine great rates and award-winning customer service means and it's no surprise to us that they're the leader in the industry."

A purchase amount for the transaction has not been disclosed.

To learn more about Wyre's services, please go to http://www.sendwyre.com.

To learn more about WorldFirst and their cross-payment services, please go to http://www.worldfirst.com.

About WorldFirst

WorldFirst is on a mission to create the world's best platform for international trade through a unique payments ecosystem that connects importers and exporters globally. As a fast growing FinTech business, WorldFirst combines best in-class technology and products with award-winning customer service to make it easier, cheaper and faster to manage money around the world. WorldFirst has helped over 160,000 people, small businesses and online sellers transfer over $95bn since 2004.

WorldFirst operates all over the world and has over 600 employees based in offices in London, Amsterdam, Austin-TX, Hong Kong, Singapore, Tokyo and Sydney.

About Wyre, Inc.

Wyre utilizes blockchain technology to execute cross-border payments for businesses and individuals faster and cheaper than banks. Founded in 2013 as one of the original Infrastructure 1.0 crypto companies, Wyre has traded $3.5 billion in cryptocurrency assets in-house and have completed more than $750 million in bank-to-bank commercial FX payments. Wyre has expanded its global infrastructure to include relationships with counterparties to procure same-day settlement. Funded by renowned VCs in Silicon Valley, Wyre has users in 50+ countries, with features in Forbes, WSJ, NBC, Bloomberg, Coindesk and more. For more information, please visit http://www.sendwyre.com.

 

SOURCE WorldFirst

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