Higlobe, a solution for international payment transfers, has scored $14m in funding to expand its technology and launch into new markets.
The funding round was headed by Battery Ventures, an investor in a number of US-based FinTech businesses.
Higlobe uses asset-backed stablecoins to provide an efficient and cost-effective means of making cross-border payments between bank accounts.
Higlobe’s service offers customers the ability to make multiple transfers per month for one flat rate, making it less expensive than other cross-border payment providers.
The company highlighted that current competitors charge between 1-6% per cross-border payment, often in a combination of hidden exchange rates and fees. Higlobe simplifies the process by charging a monthly subscription fee as low as $4.99 for a U.S. receiving bank account, regardless of the number of transfers made.
Higlobe is currently available in Mexico – free for a limited time – to Mexican citizens or legal permanent residents that work with business clients in the US. Users can sign up for Higlobe’s service online where they must provide proof of identity and residence.
Higlobe CEO Teymour H Farman-Farmaian said, “We want to make working and getting paid easier and faster, particularly as the pandemic has fueled even more interest in remote work.
“Our mission is to move the world’s money instantly and at no cost to help the increasingly global workforce get more money back to their home bank account. Our clients only pay a fixed, low-cost subscription for a U.S. receiving bank account regardless of the number of transfers they make. We want to make working and getting paid easier and faster, particularly as the pandemic has fuelled even more interest in remote work.”
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