Cross-border payments company Money Mover now has more money on the books.
The company revealed this week that it raised more than $647,000 from investors looking to bolster the company's SME payments solutions. Money Mover provides small businesses with global payment solutions to help them more strategically and affordably make international payments.
According to reports, Money Mover will use the funds — raised from Andy Homer, former Towergate CEO — to expand its partner program that allows third parties to offer Money Mover services.
"There is a big opportunity for Money Mover to extend their services to the clients of the professional services sector," Homer said in a statement. "Accountants and consultants are trusted advisers to the businesses they serve, and it is in their best interest to continually innovate and broader their offerings to clients. Money Mover's international payments service is a great fit for those firms looking to offer more value and an enhanced service to clients to regularly make overseas transactions."
In another statement, Money Mover CEO Hamish Anderson said the firm's SME offerings could save businesses tens of thousands of dollars for every $1.3 million they transfer across borders.
"These savings and functionality are things small businesses can't access through their high-street bank and something they'd value immensely if offered by their accountant or consultant," Anderson stated. "Our technology expertise allows us to integrate with our partners' core platform and digital interface, via a bespoke landing page, giving their clients a simple, seamless journey."
Earlier this year Money Mover warned SMEs to develop a strategy against FX volatility, especially as Brexit causes greater instability in international markets. According to the firm's own research, an SME making 12 payments a year of about $62,000 could save about $22,000 by locking in FX rates.