A couple of days ago, BitPesa, Kenya’s blockchain payment and digital exchange platform made its first expansion stride by acquiring TransferZero, a Spanish online money transfer platform. This goes in line with the Nairobi-based firm’s plans to expand its turf across the globe after running its operations for nearly half a decade.
BitPesa, which also operates in Nigeria, Senegal, Uganda, Tanzania, the DRC and the U.K., will integrate the services of TransferZero into its product portfolio. As mentioned, TransferZero specializes in money transfers from person to person and companies across 200 countries using over 50 different currencies. However, the financials of the acquisitions have not been revealed.
It is worth noting that this development will heighten BitPesa’s operations in Africa and Europe as it one of the few companies that have infrastructure and operating licences in the two continents.
“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, founder and CEO of BitPesa.
“Digital currencies and decentralised technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power – rather, which specific technology and what product iteration will launch and scale first,” she added.
For the moment, TransferZero will operate under its current structure as its name and headquarters will remain unchanged.
Launched in 2013, BitPesa has had a fair share of success and at the end of 2017, it raised catapulted its investment to US$ 10 million after two funding rounds. Its growth continues to be steady, with 24 percent month-over-month jump for the past to years. By December 2017, it closed almost $18 million in transactions, a feat that has spurred its commitment to advancement.