A number of startups specialized in the transfer of money are actively challenging themselves to be the most efficient in transferring funds across borders, eliminating the multitude of obstacles traditionally associated with this expensive and often slow activity.
At a time of extraordinary expansion of the international payments sector in competition with traditional banking regulators, we have compiled a list of the most innovative startups in the international payment business, with the intention of focusing on their extraordinary efforts and their high potential for change in the current market.
The list presented here represents a subset of the most innovative and distinctive companies identified through the moneytransfercomparison.com money transfer comparison platform
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The 11 Most Innovative Startups of 2023
Wise presents itself as the best-known and most exciting international money transfer provider of the moment. Founded in 2010 by two Estonian businessmen and friends, initially known as Transferwise, Wise has solved the dilemma of those who work abroad and receive their income in a currency other than that of their home country. Thanks to the real-time exchange rate, Wise offers an advantageous alternative to the expensive and inefficient transfers offered by banks.
Today, Wise has grown to become a 6 billion dollar unicorn operating worldwide. Although it does not always use the SWIFT network, the company uses the real-time exchange rate principle and has equipped itself with one of the most powerful mobile apps on the market, with a complete multi-currency portfolio and fast and cheap transfers. In summary, Wise is a professional and reliable option for anyone who needs to make international money transfers
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Revolut is often compared to Wise, another financial service known for its transparency and convenience. However, while both offer low-cost transfers and multi-currency wallets, there are significant differences
in their structure and service offerings.
Revolut has obtained its banking license and lends itself to earning money through customer deposits, but it has also implemented a freemium scheme that lifts the monthly limits on free user transfers, offering other advantages. In addition, it has become a complete platform with functionalities such as buying cryptocurrencies and stocks, credit cards and much more.
Despite these innovations, Revolut still remains one of the cheapest ways to send small amounts of money on a weekday. With its banking license and its growing range of services, Revolut continues to stand out as one of the most attractive options in today’s financial landscape
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The diversity of business objectives clearly emerges when analyzing WorldFirst. Unlike Revolut and Wise, which specialize in more efficient and smaller transfers, WorldFirst specializes in larger and more sophisticated payments. Founded in London in 2004, the company has a minimum transfer requirement of £/€1000, a clear sign of its focused focus. Thanks to its innovative business FX solutions, users can maintain local currencies while taking advantage of dedicated professionals who are experts in the field. WorldFirst is refining the registration experience, as demonstrated by its commitment to streamlining and making this process more accessible. Professionalism is the basis of the corporate values of fintech
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Wirex is continuing to revolutionize the world of effective money transfer systems through the use of cryptocurrency. Founded in London in 2014, the company offers a commission-free conversion of fiat currencies, combined with the management of cryptocurrencies, in a 2-in-1 approach that represents a rare opportunity to spend wherever Mastercard is accepted. Despite sporadic reports of possible problems with customer service and account freezing, Wirex is continuing to push the boundaries of the industry, offering innovative solutions for
managing currencies.
Founded in 2014, the company Veem is setting itself apart in the sector thanks to the use of both the blockchain and the SWIFT system for the transfer of various currencies. Unlike other companies, Veem is distinguished by a third transfer method: internal treasury. This procedure allows the management of money transfers between bank accounts owned by Veem, guaranteeing a high degree of efficiency and the total absence of fees for sending payments. In addition, the exchange rate offered by Veem is competitive, guaranteeing excellent integration with accounting software
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TikFX is a money transfer company specialized in Southeast Asia, led by an innovative easy-to-use app. Thanks to its dedicated customer support team, fast registration process, and knowledge of Singaporean laws, TikFX has earned a solid reputation. Founded in 2017, the company has a presence in both APAC and ASEAN, with headquarters in Kuala Lumpur. In addition to providing money transfer services in more than 14 countries, TikFX offers a wide choice of more than 15,000 cash pickup locations
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In 2012, Pangea decided to innovate the remittance industry. As a Chicago-based company, we’ve developed an intuitive mobile platform that allows you to send money internationally. We are aware that this is not enough: for this reason, we have expanded our activities to help underbanked immigrants achieve financial autonomy. We have given the opportunity to send money to 25 countries, each with numerous cash withdrawal options
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WorldRemit is a renowned international company that specializes in small and medium-sized money transfers, as well as in the withdrawal of cash. Founded by immigrants and mainly used by immigrants, the company has a deep understanding of the needs of its customers and is committed to providing a service of the highest quality. Although its presence is particularly strong in Africa, WorldRemit offers its services in more than 130 countries around the world. It’s important to note that there are some limitations regarding the maximum transfer amounts and the lack of FX coverage, but the mobile service that the company offers is efficient and cheap. With WorldRemit, international money transfer is easy, fast and reliable
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In the city of London, recently you can see the visibility of the startup Remitly through billboards and promotional spaces. This Washington-based company, specialized in the transfer of money, has adopted a marketing strategy that stands out for its offer of unique services, capable of satisfying every need: bank transfer to banks, home delivery, and much more. Thanks to a strong brand and a clear corporate vision, Remitly has collected numerous positive reviews and presents itself to the market with a transparent pricing structure. However, it should be noted that the company does not offer advanced FX services and does not have a dedicated retailer, so it positions itself as a direct competitor to WorldRemit
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Orbit Remit is a solid startup in the field of remittances that has consolidated its position in the market since 2008. The company stands out for offering competitive rates, free services and an impeccable website. Transparency is a fundamental value for Orbit Remit, which has proven to guarantee consistency over the years, far from the controversies that have affected other companies in the sector such as Wise. However, being based in New Zealand, some trading pairs may not have the best rates on the market or be suitable for high-volume transfers
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MultiPass is an innovative multi-currency account management service founded in 2017, based in London and owned by Dyninno, based in San Francisco. Unlike traditional Chrome extensions for password protection, MultiPass offers a wide range of digital currencies, allowing users to have a single wallet for all their financial activities. Thanks to its presence in both the United States and Europe, MultiPASS represents a complete and complete solution for users who want to operate in both regions
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However, the use of MultiPASS requires the fulfillment of strict KYC requirements, aimed at ensuring maximum security for users. In addition, consideration should be given to the high SWIFT fees that may apply. Despite these aspects, MultiPass has the advantage of offering an account manager, a highly professional and qualified service, unparalleled support for every need. For this reason, MultiPASS is an ideal choice for professional users who require maximum reliability and protection of their financial assets
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