Wyre, a U.S.-based money transfer service, announced this week it has entered into an account transfer agreement for the sale of its retail money transfer business to money transfer firm, WorldFirst. This news comes just after Wyre announced its API was being extended to dapps and decentralized exchanges.
Founded in 2013, Wyre stated it is replacing banking technology and its technology allows of transfer money into more difficult to reach areas. The company noted that it stated with building the simplest suite of products and services that were designed to make it easy for consumer and businesses and use blockchain technologies. Wyre’s individual retail business platform launched in 2016 and has reportedly had more than $100 million in yearly processing:
“Wyre is an enterprise-level API and dashboard which allows companies to instantly send funds worldwide, without taking on any price volatility, and for a fraction of the cost.Our goal is to change the future of how international payments are done. Looking for faster, cheaper, international transfers? You need Wyre.”
According to a statement from Wyre, the company’s team is currently focused on API partners and WorldFirst is taking on Wyre’s retail clients. The transaction, which has already completed and the migration process has started, is notably n is part of Wyre’s larger focus to expand its API-first services. Wyre explained that WorldFirst was a clear choice due to the money transfer service’s global infrastructure and payment coverage. Wyre also reported that the agreement provides WorldFirst with thousands of new individual retail customers who are sending money and paying invoices throughout China, Mexico, Hong Kong, Brazil and the UK.
Founded in 2004, UK-based WorldFirst describes itself as an expert at moving money around the world. The company specializes in making foreign exchange simple, fast, and fuss-free for both people and businesses. It has helped more than 120,000 people, small businesses, and online sellers transfer £60 billion.