London-based money transfer platform TransferWise has confirmed that it has joined hands with Chinese mobile payments giant Alipay. The deal will help TransferWise users make instant transfers to China for 17 currencies.
Founded in 2011 by Kristo Kaarmann, and Taavet Hinrikus, the firm was raised $772.7 million in funding from the backers that include the names like Vitruvian Partners, Lone Pine Capital, Baillie Gifford, Blackrock, Lead Edge Capital, Andreessen Horowitz, LHV Ventures, NatWest Bank, JP Morgan, and Merian Global Investors. The latest valuation of the firm now stands at $3.5 billion.
Confirming the news on the website, TransferWise said, “We’re excited to announce our partnership with Alipay. We’ve linked up to introduce a new way for recipients in China to receive money. You only need your recipient’s name and Alipay ID. And as always, your money will be sent with the real exchange rate — like the one you see on Google.”
Talking about the deal, Kristo Käärmann, co-founder and CEO of TransferWise said that “Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China."
Notably, TransferWise had partnered with GoCardless in November last year in London. GoCardless has over 50,000 users across the world. Now, this deal will help TransferWise get more reach and customers in one of the hottest markets in the world. It will be interesting to see how things pan out post the deal.
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