Wyre Announced $5.8 million in Series A funding and Launches Fastest Blockchain Cross-Border Payments Platform

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Wyre, a San Francisco FinTech company making cross-border payments faster and more cost effective using the Blockchain, today launched its cross-border payments platform also called Wyre.

Wyre is the industry’s fastest money transfer platform, enabling businesses to move money across borders from country-to-country at a super competitive foreign exchange rate.

Wyre also announced its $5.8 million in Series A funding led by Chinese venture firm Amphora Capital with participation from two of the largest payments companies in China 9fBank and Baofoo.com, along with Digital Currency Group, Draper Associates and other prominent Silicon Valley angel investors.

At launch, Wyre’s platform is available in the United States and China; the Series A round will help the company quickly expand to Europe and Latin America.

“It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion USD within the next five years. Wyre is well positioned as a market leader to facilitate those transactions faster and at a lower cost. We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizable investment into the company,” said Sam Lin, chief financial officer of 9fBank.com. “Wyre’s continued tremendous growth in 2016 will no doubt carry into 2017 and years beyond.”

Currently, there’s a monthly volume of $35M being transferred in cross-border  business payments via the Blockchain and Wyre accounts for 90% of those transactions.

How Wyre Works

Wyre reduces the amount of time and money it takes to make cross-border payments by transferring money in same day transfers at the most competitive exchange rates available today. Cross-border payments typically take 24-72 hours or more and charge ~1 – 4.5% of the transaction in fees depending on the service; this accounts for a projected $360 billion in fees in 2019.*

Wyre aims to be the new infrastructure for well-established payment heavyweights who can leverage their Blockchain-based technology platform to make their businesses faster and more cost effective.

  1. Wyre takes deposits from large payment companies that plug into their API.
  2. The payment companies pass across thousands of transactions onto Wyre’s Blockchain based payment rails.
  3. Wyre then delivers the funds as instructed at the most competitive rate possible, usually at a rate between ~1 – 4.5% and in the shortest amount of time, typically in less than six hours, compared to the industry standard which is 24-72 hours.

Wyre acts as the intermediary between the more intimidating “Blockchain” technology in which some companies may not be familiar with, or unsure how to get started. Wyre removes all the confusion from the learning curve, and provides a simple, slick API for companies to get involved without needing to educate themselves on the nuances of this complex, new technology.

International Companies Using Wyre

Wyre processes more than $1M in international payments per day, experiences  nearly 25% month-over-month growth and anticipates being one of the largest cross-border payment platforms within the next 12 months.

Wyre has been quietly operating for the past 10 months in a private beta with select large-scale business, including NihaoPay that powers payments for WeChat.

“Wyre has revolutionized international payments,” said Yuanbo Wang, chief executive officer of You.World, former chief executive officer of NihaoPay. “Our customers are happier than ever with the speed and super low cost of money transfers.”

“Current wire services are difficult, expensive and take too long. In a generation of instant gratification, we believe that money transfer should be too,” said Michael Dunworth, chief executive officer and co-founder, Wyre.

For more information and to begin using Wyre, visit www.sendWyre.com

Businesses across the globe use Wyre to transfer money across borders from country-to-country, quickly and cheaply. Founded in 2016 and headquartered in San Francisco, Wyre is a FinTech company that processes more than $2 million in international payments per day using the Blockchain. The company is seeing nearly 25% month-over-month growth and anticipates being one of the largest cross-border payment platforms by 2018. Wyre is backed by Draper Associates, 9fBank, Amphora Capital, Baofoo, Digital Currency Group, and prominent Silicon Valley angel investors and has raised $7.5M to date.

* http://www.mckinsey.com/industries/financial-services/our-insights/global-payments-2015-a-healthy-industry-confronts-disruption

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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