For an undisclosed sum, UK based WorldFirst is set to acquire USA based Wyre’s retail cross border payments services. Wyre is concentrating on its API business and hence decided to divest its retail cross border payment services. The transaction has already been completed.
Currently the transaction is in migration phase and WorldFirst’s acquisition will be a value add for the company due to its global infrastructure and payment coverage.
Expected to gain new individual retail customers across the UK, China, Hong Kong, Brazil and Mexico, WorldFirst has eight global offices and employs around 600 employees and processes around $15 billion payments annually.
According to Ioannis Giannaros, Chief Operating Officer of Wyre:
“We’re excited for the partnership and it was a clear choice to make the transaction work with WorldFirst.
Wyre’s business has grown to process more than $100 million payments annually since its establishment in 2016. However, latest company decision was that the retail payment processing business was outside its business model and Wyre would rather concentrate on API based solution business that would help large enterprises with their on and off ramps.
Headquartered in the UK, WorldFirst provides international financial services to major multinational corporation and wealthy individuals throughout the world. WorldFirst was established in 2004 by founders Jonathan Quin and Nick Robinson in Stockwell, South London.
Headquartered in the US, Wyre provides payment services such as account opening, money transfer, rates comparison, membership and dashboard services.