Money Mover, the online business currency exchange and international payments service dedicated to SMEs, has raised £1m from a group of financiers, entrepreneurs and technologists, including Andy Homer and Sir Peter Michael.
The SME market is large and well-established with over 100m businesses worldwide, increasing by nearly 8 per cent annually.
These businesses represent a huge FX and money transfer market, making a combined $5.6 trillion in international payments each year with volumes and transaction sizes growing steadily year-on-year.
However, MoneyMover says SMEs are not getting all the benefits of the market size and are actually overcharged by banks and money remittance companies.
The company says it will use the money raised to focus on providing a quality service to SMEs.
“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.
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