OneFor enters market with new solution for borderless money transfers

By Megha Bhattacharya

OneFor, a new Pan-European FinTech company, has entered the market with a disruptive solution enabling borderless money transfers and payments. OneFor app registration takes only a few minutes, enabling users to add payment recipients directly from their phone’s address book. The connected individuals, wherever they are, receive an e-Wallet and a ready-to-go Mastercard debit card, which allows online or POS payments and ATM cash withdrawals in the country they live

Marco Abele, co-CEO of OneFor, said: “We believe money is about more than transactions – it’s about the connections, experiences and possibilities it unfolds. Our goal for OneFor is that it transforms transactions into moments of emotional connection, payments into shared experiences, and financial inclusion into a force for social progress and economic potential”.

The app and its e-Wallet are free; all that users need to qualify is a locally recognised ID card and proof of address (such as a phone bill). With fixed fees of €2.70, regardless of the international transfer amount, OneFor enables the UN and World Bank to exceed their Sustainable Development Goal (SDG). This is in contrast to most of the existing solutions that are typically more expensive and take from a few hours to a few days.

“We have an ambitious growth plan and we have done our homework to build a model that enables us to scale,“ added Fatih Bektas, OneFor co-CEO. “Apart from remittances, we are innovating other payment features. This includes the imminent roll-out of a QR-code solution serving local markets with a substantially cheaper and instant mobile POS for “touch & go” merchants, like small business owners or delivery services.”

OneFor is now available in the UK and all EU countries with an immediate focus on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy and Spain, connecting them to the first receiving countries in North Africa, South-East Europe and Latin America.