Transpay expands into Ukraine

B2B/B2P cross-border payments platform Transpay has expanded into Ukraine through a partnership with PrivatBank, the country’s largest commercial bank with 17 million account holders.

Transpay’s platform and proprietary bank network allows businesses to send mass payouts to individuals and companies in more than 60 currencies and more than 120 countries. The partnership with PrivatBank allows Transpay clients to send same-day funds to PrivatBank accounts.

“We welcome this partnership with Transpay that allows us to provide deposits from around the world to our customers,” PrivatBank’s Head of Cross-Border Payments Maria Strashko said. “As Ukraine becomes a larger part of the global digital economy, we look forward to more possibilities and opportunities with this partnership.”

In addition to 17 million accounts, PrivatBank covers 49 percent of Ukraine’s depositors through its network of 2,500 branches, 7,500 ATMs and 12,200 self-service kiosks.

Like much of Eastern Europe, Ukraine is home to a large number of technology freelancers who collectively earned $61 million in 2014, according to freelance site Upwork. Ukraine’s technology industry is worth $5 billion.

“As businesses and marketplaces tap into Ukraine’s growing freelance and tech industry, we are excited to enable payments to Ukraine for our clients and have PrivatBank on board as a partner,” says Nagarajan Rao, Senior Vice-President of Transpay.