Cross-border payments platform CurrencyFair has partnered with payments company Thunes to provide money transfer services in 25 new currencies, including the Mexican peso. The collaboration follows CurrencyFair’s goal of expanding its money transfer currency offering in current markets by over 100% as part of its global expansion plans.

CurrencyFair, Thunes partnership details As per the information detailed in the press release, through this partnership, CurrencyFair consumer and business customers are enabled to send, exchange, and transfer money into an increased number of countries, being able to leverage and benefit from the company’s competitive rates, fast, reliable transfers, and ‘excellent’ customer service. Commenting on the announcement, Phil O’Malley, Chief Product and Technology Officer advised that the news of the currency launch marks a ‘significant’ expansion for the business, and CurrencyFair is planning to further extend its offering by 100% in the coming year. As per their statement, this is the company’s biggest expansion to date, and the goal is to continue this growth in key markets.

The launch of the Mexican peso is believed to bring forth a significant opportunity for CurrencyFair. The announcement details that remittance flows into Latin America reached USD 142 billion in 2022, increasing 9. 3% in 2021 and 21.

6% from 2020, out of which Mexico received USD 60 billion. A total of 94. 9% was sent from the US, where CurrencyFair launched in April 2022, and the company is looking forward to building its presence in this market following the launch of the Mexican peso.

Individuals sending money abroad are enabled to save on their currency exchange when leveraging CurrencyFair, no matter if they are living abroad and transferring money home, purchasing overseas property, paying overseas suppliers and taxes, or receiving overseas pensions. What is more, being a fully licenced and regulated service, it has enabled the secure transfer of more than EUR 14 billion worldwide. Thunes’ global network helps facilitate payments to over 130 countries in a fast, transparent, and affordable manner, making it an ‘ideal partner’ for CurrencyFair as it expands into new markets with its currency rollout.

Adding on the announcement, James Winter, SVP of Europe for Thunes stated that the company is looking forward to seeing how its technology helps unlock new opportunities for partners and expands the cross-border payment offering for their consumers, and it happy to continue collaborating with CurrencyFair towards the launch of more currencies. The collaboration enables CurrencyFair to launch 25 new currencies within the next year, on top of the 22 it provides as of now, including the Mexican peso. The next eight currencies to be launched in the months to come are the Vietnamese dong, Brazilian real, Colombian peso, Japanese yen, South Korean won, Costa Rican colón, Malaysian ringgit and Guatemalan quetzal, all of which represent a significant step into serving Latin American and Asian currency corridors for CurrencyFair, building on its current Asian currency offerings.

For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database. .