B2B Payments

Travelex Launches Global B2B Payments Platform

Finablr’s Travelex Launches B2B FinTech Platform

Travelex, part of the United Arab Emirates-based Finablr, is rolling out a FinTech business-to-business (B2B) platform called Travelex Business, IBS Intelligence reported on Tuesday (Sept. 17).

“Critically, working with Finablr, we have adopted a modern engineering culture with self-organizing teams in order to create and iterate on a new and innovative suite of services,” Gareth Williams, chief product and innovation officer at Travelex, said in a statement to the news outlet.

“Not only does this allow Travelex to continually innovate and improve its products and services, but it gives our customers the services they need within one solution – and the developer center means that our customers and prospects can experiment with our capabilities at their own convenience,” Williams continued. “Travelex Business ensures companies get to market quicker, increase revenues and boost customer value with agile services available at the click of a button.”

The new platform will feature an API-led platform to offer customers cash management, cross-border payments and retail currency conversion.

Founded in London, Travelex is an independent foreign exchange specialist that “provides physical and digital cross-border money movement globally through [an] international money-transfer service and facilitates banknote delivery of major and exotic currencies,” the release stated.

Finablr launched a London initial public offering (IPO) in May under the ticker “FIN LN” after having a hard time finding investors. The IPO price was significantly below the anticipated 210-260 pence range. The top five investors, which included BlackRock, Columbia Threadneedle, Norges Bank and two UAE investors, acquired about 50 percent of the shares on offer.

“We are very confident about the long-term prospects of the business and remain committed to generating the greatest value for all our shareholders. I would like to take this opportunity to thank our global teams for their passion and commitment,” said Dr. B. R. Shetty, founder and co-chairman.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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