San Francisco fin-tech company Wyre has emerged from a 10-month Beta to launch a blockchain-based cross-border payment platform.
They have also completed a $5.8-million Series A round.
Wyre’s value proposition is in shortening the amount of time it takes companies to complete cross-border payments by allowing them to leverage Wyre’s blockchain-based technology platform.
Payment companies plug into the Wyre API, make a deposit and pass a series of transactions onto blockchain-based payment rails. The funds are often within six hours at a rate between 1-4.5 percent.
The company also completed a $5.8-million Series A funding round led by Chinese venture firm Amphora Capital with participation from China 9fBank, Bafoo.com, Digital Currency Group, Draper Associates and additional Silicon Valley angel investors.
The funds will help Wyre expand beyond the United States and China and into Europe and Latin America.
Access to China alone is a lucrative opportunity, an investor said.
“It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion within the next five years,” 9fBank.com CFO Sam Lin said. “Were is positioned as a market leader to facilitate those transactions faster and at a lower cost.
“We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizable investment into the company.”
In a release Wyre said it processes more than $1 million in daily international payments and has seen close to 25 percent month-over-month growth of late.
“Current wire services are difficult, expensive, and take too long,” Wyre cofounder and CEO Michael Dunworth said. “In an era of instant gratification, we believe that money transfer should be too.”