We may be in the height of the dry season in Cape Town but you probably wouldn’t have guessed by looking at the dam…
The blockchain payments platform made the announcement on its Twitter account last week Thursday (8 February), a day after BitPesa CEO Elizabeth Rossiello spoke about the acquisition in New York at the Yahoo Finance All Markets Summit: Crypto.
The deal will see TransferZero — which handles international remittances, payments and collections in more than 200 countries — retain its name and continue to operate in Spain.
Focus on building infrastructure across Europe and Africa
Rossiello said setting up such infrastructure across Europe and Africa has “always been a focus of ours” and that there was “just a lot of synergies in doing that”.
“We’ve just doubled our bank accounts, our infrastructure, and it’s licensed by the Bank of Spain as a payment institution,” she said. “So we are fully compliant with PSD2 regulations, [which] for those of you who know, is a new payment services directive across Europe. Which is not an easy thing to do, but something we feel is extremely important when doing global payments”
BitPesa currently operates in a number of African countries
‘Makes a lot of sense for us to dig roots there’
Explaining the acquisition, she said the startup has a number of customers in Europe, including some who request payments to the continent.
“So we could use a broker and pay a fee to that broker, or we could be our own broker,” she said.
“And so in the markets where our quarters are very strong, or where licensing is needed — and that’s one of the locations where you have the most licensed payment and money transfer companies, which is our biggest customer segment — it makes a lot of sense for us to do dig roots there to make sure we can provide the infrastructure and the customer support and the service that we’re known for, ” she added.
“Working between Europe and Africa is quite complimentary”.
BitPesa currently operates in Ghana, Nigeria, Senegal, Kenya, Tanzania, Uganda and the DRC.
Featured image: BitPesa via Twitter