TransferTo adds digital wallet to payments network via Cellum partnership
European mobile wallet provider Cellum will offer international money transfer services via TransferTo’s cross-border mobile payments network, reports David Penn at Finovate (Banking Technology‘s sister company).
Cellum CEO János Kóka says this “strategic partnership” strengthens Cellum’s position as “the one-stop mobile wallet provider of choice in Southeast Asia and beyond”.
“We are happy to collaborate with Cellum and open the doors for their partners to reach our global network, and look forward to the opportunity of expansion by adding further digital wallet providers,” adds TransferTo CEO Peter De Caluwe.
Founded in 2006, TransferTo enables financial institutions (FIs) and digital financial service providers around the world to offer international mobile airtime top-ups and money transfers to/from emerging countries. TransferTo says its real-time network reaches more than 135 countries, connecting mobile money operators, wallet providers and money transfer operators with banks, FIs, NGOs and e-commerce merchants.
Last month, TransferTo and banking software provider Fern Software were awarded a grant from the United Nations Capital Development Shaping Inclusive Finance Transformation (Shift) Challenge Fund. The goal of the fund is to use remittances to improve the financial lives of women in Cambodia, Lao PDR, Myanmar and Vietnam.
Also in November, TransferTo announced the hire of a new VP for business development, Djibril Diallo, to lead operations in West and Central Africa, and added a new CFO, Dan Gardner, who is a former executive at Transfast and Payscout.
This fall, TransferTo reported an eight-fold revenue growth in international money transfer transactions over the past six months with more than six million transactions. The company partnered with South East Asia’s mobile ride-hailing platform, Grab, to facilitate real-time earnings payouts for Grab drivers, and teamed up with IN Switch to support international money transfer services in Latin America.
TransferTo has raised $6.5 million in funding and includes STC Ventures and Ingenico Healthcare/e-ID among its investors.
De Caluwe, the company’s current CEO, joined the company in May this year as global COO and was promoted to chief executive in August, when TransferTo founder Eric Barbier transitioned to the role of president and board member.
The company is headquartered in Singapore, with offices in Dubai, London and Miami.