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Neobank Unifimoney taps Nium for international remittance capability

By Pavithra R

October 21, 2020

  • Unifimoney
  • USA
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San Francisco-based Unifimoney, a Neobank for high earning professionals, has announced that the company has entered into a partnership with Nium to enhance the outbound money transfer experience for Unifimoney users. 

Under the partnership, Unifimoney will expand its capabilities and introduce convenient, secure, and real-time global payment capabilities to its customers. Rapid technology advancements and continuing inefficiencies of traditional banks have given rise to dozens of neobanks, yet the challenge to tackle international money transfers is still prevailing. With more and more people turning to digital financial tools, and increased competition from various digital payments providers, the need for neobanks to enhance their offerings and capabilities has escalated. 

“In today’s competitive payments environment, new technology makes an incredible difference in delivering the best customer experience, and we are thrilled to be the trusted provider for international money transfer services for Unifimoney and its customers,” said Gabriel Grisham, Vice President & Head of Business Development, the United States of America, at Nium.

“Nium’s mission is to create a global fintech infrastructure that can enable banks, financial institutions and other fintech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so. This partnership with Unifimoney to enhance their payments capabilities beyond the US is a testament to that effort,” added Gabriel.

Unifimoney’s solution will leverage the international money transfer capability provided by Nium for automated money management across spending, saving, and investing. Unifimoney’s users will be able to send funds overseas to major corridors in Europe and Asia easily within the app, and at a much lower FX rate than banks. 

“The Unifimoney user is a high-earning, highly educated professional, often in tech or medicine. Many have already asked about sending money to friends and family back home, so we’re very excited to deliver the best-in-class solution for global payments by partnering with Nium,” said Ben Soppitt, founder and CEO of Unifimoney.

InstaReM began in 2014 with a vision to simplify the cross-border payments experience for consumers. While continuing to be an expert in consumer remittances, the firm expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises, and other payment service providers. Its platform Nium is powered by the FinTech’s portfolio of licenses, hard-earned by building trust with financial regulators in over 90 countries. Nium currently operates its shipping, spending, and receiving business in over 100 countries, 65 in real-time.

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