“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, founder and CEO of BitPesa. “Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power—rather, which specific technology and what product iteration will launch and scale first.
Founded in May 2016 by Luis Cambronero, TransferZero is licensed by the Bank of Spain as an authorized payment institution and is a partner of Bankia, Spain’s third largest bank and has pioneered a number of innovations in the European FinTech sector.
The deal gives BitPesa ability to plant deeper roots through UK and European licensing, bank accounts, and integrations.
“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level,” said Luis Cambronero, former CEO of TransferZero and current MD at BitPesa. “Traditionally, residents would have to go to an agency or office to send money in cash. We enable our customers to quickly send money across the globe for free. Our new smart phone application is designed for the next generation of users,” said Cambronero.
TransferZero has network integrations on four continents, and a team with decades of experience working with enterprise clients in need of global payment solutions. They are the only remittance company that does not charge a fee, aside from a small percentage in the FX.
Under the acquisition, TransferZero will continue to operate under the same brand name and all of its employees will stay with BitPesa. The headquarter will remain in Madrid.
“This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space,” said Rossiello. “By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth,” Rossiello concluded.