Small World passes 50 million transactions milestone

UK remittance service Small World FS has reached a new milestone having processed more than 50 million cross-border payments to date.

The London-based fintech firm was founded 10-years ago and expanded its digital services to include a smartphone app earlier this year.

The company operates in 195 countries across the EU, Africa, as well as Asia and recently launched it digital services across 17 US states.

The US is an important target for companies in the remittances space with more than USD26bn passing between the US and Mexican border alone.

However, with regulation on money transfers differing from state to state it can be difficult for companies to roll out there compared to other economic zones.

“Having passed the milestones of 1 million transactions per month, 10 million in a year and now the big 50 million, we are setting new goals for the future and will continue to leverage our proprietary technology and strong brand presence to grow our market share in what remains a large and growing market,” said Small World FS CEO Nick Day in a statement.

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