Money Mover, the online business currency exchange and international payments service dedicated to SMEs, today announced that it has raised £1m from a group of financiers, entrepreneurs and technologists, including Andy Homer and Sir Peter Michael. Money Mover aims to make international money transfer an asset rather than an inhibitor for SME growth by empowering businesses to make international money transfers quickly, at significantly reduced costs and with complete exchange rate transparency.
The SME market is large and well-established with over 100m businesses worldwide, increasing by nearly 8% annually. These businesses represent a huge FX and money transfer market, making a combined USD $5.6 trillion1 in international payments each year with volumes and transaction sizes growing steadily year-on-year. Despite the market size, SMEs are underserved and overcharged by banks and money remittance companies. According to the Competition and Markets Authority only 13% of SMEs trust their bank to act in their best interests and only 25% feel supported by their bank2.
Money Mover is part of the growing wave of FinTech companies focused on delivering a better quality of service than incumbent institutions. The cofounders of Money Mover, based in three different continents, set out to create an international payments platform that put the best interests of SMEs at its heart. Its online platform offers a rich user interface that provides SME-focused tools, reports and functionality to support existing processes/workflows.
“There’s a pressing need for better FX transfer services for SMEs. Incumbent banks and financial institutions are letting their SME customers down with their current FX services, which fail to address the specific needs of the market. At the same time, while FX transfer is one of the fastest growing sectors in FinTech, there isn’t an FX provider that focuses solely on SMEs,” said Andy Homer. “Money Mover is now taking the lead in tackling this gap in the market, and I’m confident that it has the team and the technology in place to capitalise on this lucrative opportunity.”
“Banks currently regard the SME market as niche and don’t properly understand their business needs. International payments are especially difficult and complex for SMEs with hidden fees, poor rates and cumbersome processes,” said Hamish Anderson, Co-founder and CEO of Money Mover. “We’re here to ditch the ‘one-size-fits-all approach’ and be the payment partner that is transparent, trusted and genuinely invested in helping their businesses grow.”