Wyre scoops up Chinese remittance startup Remitsy

Blockchain-based cross-border payments startup Wyre is acquiring Beijing-based business payments service Remitsy. The financial terms of the deal are undisclosed.

Remitsy focuses on facilitating payments from the US into Chinese RMB. It is thought to be the first acquisition to date of a Chinese blockchain business by a US company.

Wyre will acquire 600 new customer accounts as a result of the deal and continue to run Remitsy’s service.

It comes as part of the company’s expansion into the lucrative Chinese business payments market with it planning to add five new staff to its new Beijing headquarters.

The acquisition will also allow Wyre to extend its services with its customers able to make transactions in new currencies by Q2/Q3 of this year.

The company says deposits of Hong Kong Europe and the UK will now be streamlined while users will be able to make deposits into Alipay accounts.

Remitsy’s founder and CEO Richard Bensberg commented: “Wyre’s team have been at the forefront of payment innovation and they have witnessed tremendous growth throughout 2016.

“Their dedication to providing beautiful, simple solutions to complex problems is the perfect fit for Remitsy.

“By joining the Wyre family, we are able to continue punching above our weight within the Asia region.”

Copyright © 2017 FINTECH GLOBAL

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