Truzo, the first African-focused FCA-approved digital escrow service, has launched in the United Kingdom, enabling safe and reliable transactions between this country and South Africa.
The platform reduces the cost of cross-border trade by digitising and eliminating the high fees associated with letters of credit and currency conversions, making it easier for sellers in the UK and South Africa to offer competitive prices for the goods and services they import. The platform is also equipped with multi-currency digital wallets, remittance, and payment and receipt features.
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Terence Naidu, founder and CEO of Truzo, said that the platform prioritises trust at the heart of every transaction. The platform is one of the safest and most secure ways to buy and sell between businesses in Africa and the UK, and is supported by the department for international trade’s Global Entrepreneur Programme, and has partnered with Currencycloud to simplify cross-border and multicurrency transactions.
Truzo’s establishment of the first FCA-approved African-focused escrow platform, combined with its stringent compliance capabilities, is an exciting opportunity for individuals and businesses demanding innovative fintech solutions, said Nick Cheetham, chief revenue officer, Currencycloud.
With fraud estimated to cost the global economy £3.89 trillion (about $4.68 trillion), Truzo’s low-fee, easy-to-use platform provides a safe way to buy and sell between strangers, with all registered users fully compliance vetted and verified. Once compliance verified, users can simply set-up a Truzo wallet to make and receive payments via the platform easily and conveniently.
As a forward-thinking and ethical fintech company, Truzo is committed to improving digital literacy in the communities where it operates. To this end, 2% of Truzo’s profits are earmarked for its bursary foundation that supports and invests in students from less economically advantaged backgrounds to pursue university education.
Truzo’s launch in the UK comes after the company won the UK Tech Hub Going Global 2019 competition and accelerated its growth as part of the UK Government’s Global Entrepreneur Programme.
The company is committed to scaling its operations and services in the UK, with 2023 being a key year in Truzo’s next stage of growth. Early in the second quarter of this year, Truzo will close its next round of funding with the intention of further investing in product development, recruitment, and expansion of its services into new markets.
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