Ripple partners with Novatti to enter the Philippines market
By Leandra Monteiro
Australian payments company Novatti has announced that its partnership with distributed ledger company Ripple is live. Furthermore, the FinTech Novatti shared that it is now generating transaction revenues from its partnership with the blockchain disruptor.
According to Novatti the initial focus of its Ripple partnership was to target cross-border transactions between Australia and Southeast Asia, particularly the Philippines. The partnership with Ripple was initially announced in December 2020, giving Novatti’s customers access to RippleNet, Ripple’s global financial network of hundreds of partner financial institutions.
Novatti CEO, Peter Cook, said the partnership is part of the company’s wider strategy to develop a digital banking and payments ecosystem, noting that the ecosystem already includes partnerships with leading FinTech companies. Apart from Ripple, the company said it has also inked deals with other payments companies such as Apple Pay, Samsung Pay, and Alipay.
“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licences obtained for the New Zealand market and Emersion now up and running in the US,” Cook said according to media reports.
Novatti has been taking leaps in its quest for international expansion for a while now. In 2020, the company acquired subscriber-billing SaaS company Emersion for $1 million. The partnership gave Novatti instant access to Emersion’s blue chip partners, which includes Xero and Salesforce. The US launch of Emersion was completed last month.
Novatti is a digital banking and payments company that enables fast, simple, and secure payments. In the latest half, Novatti reported sales revenue of $7.35 million, up 49 per cent year-on-year.
IBSi Daily News Analysis
June 01, 2023
With ECB nearing its launch, could Digital Euro become a reality?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage