Sila Inc., a fintech software platform, announced on Wednesday that it had arranged a partnership with Corpay, which is a FLEETCOR brand that provides integrated cross-border payments and currency risk management solutions.
According to the press release, through the partnership, Sila’s customers will be able to access over 145 currencies across 100 countries in order to facilitate cross-border payments and access to global FX markets. In addition, there will be a seamless transition between domestic and international payment options for customers.
“Sila’s main goal has always been to provide entrepreneurs with the tools to realize their vision and build a successful business, more often than not with an international component. Corpay with its depth and reach in facilitating cross-border payments can be the perfect partner for our customers’ needs. We see a lot of innovation from companies, particularly the ones focusing on emerging markets, that rely on phones and online apps rather than bank accounts and ATMs to enable cross-border transactions. Through partnerships like this one, Sila feels well prepared to help those companies succeed,” Shamir Karkal, the CEO and Co-Founder of Sila, stated.
Cross-border Payment Flows Stats
According to a study by EY, global cross-border payment flows will reach US$156 trillion by 2022.
In contrast to traditional institutions such as banks or money transfer operators, Sila noted that innovative fintech companies could offer more affordable, faster and transparent alternatives. In addition, the situation is complicated in transactions involving exotic currencies with limited liquidity , Sila added.
Moreover, the firm commented that people in emerging markets are increasingly using their mobile phones to access banking and e-payment services. In remittances and cross-border payments, all of these factors suggest a huge opportunity to redistribute market share, the fintech software platform highlighted.
In February, London-headquartered financial technology (fintech) services provider, Weavr raised $40 million in its latest funding round for global expansion. The company aims to disrupt the banking-as-a-service model (BaaS).
