Circle turns attention to foreign currency transactions
Fintech company Circle has added a feature to its peer-to-peer money transfer app allowing users in Ireland, the US, UK and across Europe to send and receive money across borders without fees or mark-up on foreign exchange rates.
Circle is available on iOS or Android and can be used with either debit or credit cards. When money is sent through the app, it is immediately received and can be stored either in the app itself or can be transferred to a linked bank account in less than 24 hours.
Circle launched in Ireland in October 2016, and has continued to rollout in Europe with significant growth in the past year. The company has experienced year-on-year customer growth of more than 1000% and payments in Europe since January have grown more than 500%.
Speaking at the announcement, founder and chief executive of Circle Jeremy Allaire said: “The middlemen in cross-border payments have made transfer costs exorbitant and we want to cut them out of the equation. ”
Circle promises to make paying a friend back as easy as possible with no fees, no mark-ups on foreign exchange rates, and receiving money is instant. This development represents another step in Circle’s mission to make sending or receiving money from anywhere in the world.
Established in 2013, Circle has received some $136 million investment with backers including Goldman Sachs and Barclays Bank.