dLocal & iTransfer to fuel cross-border money transfers

By Gloria Mathias

dLocal, a cross-border payment platform specializing in high-growth markets, has announced its partnership with iTransfer, a company with a presence in EMEA, Latin America, and APAC.

This partnership focuses on mitigating currency risks and improving transfer efficiency. Currency volatility, which can significantly affect payment values, is one of the main challenges users face in emerging markets. According to the GSMA, sending money via mobile money costs around 3.73% of a $200 transaction, compared to over 6.09% with traditional methods. For instance, in Nigeria, currency fluctuations impact real-time transfer values.

The collaboration between dLocal and iTransfer aims to address these challenges by offering competitive rates, real-time currency updates, and enhanced flexibility for end-users.

The initial rollout supports instant payouts for both bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan. Plans are in place to expand to Bangladesh, Morocco, Egypt, and India, further broadening the service’s reach and impact.

“This partnership aligns perfectly with our growth and expansion strategy,” said Marcela Gonzalez, CEO of iTransfer. “Offering our users competitive rates and reliable payout methods is crucial to our mission of supporting financial needs in emerging markets. By integrating dLocal’s robust payment infrastructure, we can significantly enhance the cross-border payment experience for our users. Faster, more secure, and cost-effective transactions are now within reach, marking a significant milestone in our journey towards improving financial inclusion and accessibility.”

“Collaborating with iTransfer to meet the specific needs of cross-border payments in volatile markets underscores our commitment to innovation and equitable access to financial services,” said Agustin Botta, Head of EMEA at dLocal. “We are excited to extend our reach and continue delivering top-tier payment solutions.