CurrencyFair merges with Assembly Payments
Combined entity to give businesses the building blocks to easily access, build, connect, and use any payment service
7 April 2021 | 0
Payments platform CurrencyFair is to merge with Assembly Payments. The deal, which is subject to share holder and regulatory approval, follows a significant investment in Assembly Payments by Standard Chartered Ventures in 2020.
Employee numbers immediately go from 90 to 160 with the merger, and will grow to 450 over next four years.
The new company, led by CurrencyFair CEO Paul Byrne, is expected to employ more than 450 within four years.
Will Prendergast, chairman of CurrencyFair said: “The merger of CurrencyFair and Assembly Payments partnering with Standard Chartered Ventures is a strategic move which will see us develop beyond the traditional transactional nature of a payments company and provide a core suite of integrated financial services to businesses and individuals globally.
“CurrencyFair and Assembly Payments will retain their ‘customer first’ cultures, deepen these relationships by enabling customers to easily access, build, connect, and use any payment service from within their existing business operations without any of the technical, compliance or geographical complexities associated with traditional financial services offerings. The merged proposition will focus on five core capabilities – payments, global payment accounts, partner ecosystem, lending and settlement – and services to address the growth opportunities in the $2 trillion revenue market for payments.”
Bill Winters, group chief executive of Standard Chartered, said: “Digital payments is a core strategic area for Standard Chartered and our 2020 investment in Assembly Payments greatly enhanced our presence in the domestic payments business. By bringing together the complementary strengths of CurrencyFair and Assembly, we are supporting the merged company in offering the full range of payment services, providing retail and corporate clients access to fast, high-volume domestic and cross-border payments.”
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