LONDON: Revolut and TransferWise are signing up thousands of small businesses a month for foreign exchange payments, touting slicker service and lower fees as they try to take on banks in a sector with flows of US$7 trillion a year.
Small firms sent between US$6 trillion and US$7 trillion of cross-border flows globally in 2017, consultancy McKinsey said last year, compared with US$400 billion to US$500 billion in individual-to-individual payments.TransferWise is signing up 10,000 new businesses a month, double the rate of late last year, and growth in TransferWise's business customer base is outstripping that for retail clients, Gregory said, although many clients are micro firms.
It has attracted 100,000 businesses - up from 33,000 last June - and is adding 3,000 to 6,000 customers a month. TransferWise declined to give its overall business customer number. International payment revenues across all customers top US$200 billion-plus globally a year, according to McKinsey. Business-to-business revenues total US$127 billion, although most likely comes from big lower-margin corporate customers.
"It's an industry that has been using the existing platforms for decades with no innovation," Forzley said, adding that Veem had more than 100,000 users, 2-1/2 times more than in early 2018.
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