Monoova merges with Moneytech FX

  • By Zilla Efrat

Australian payments automation provider Monoova is merging with foreign exchange company Moneytech FX in a move aimed at creating a single platform that enables businesses to consolidate domestic and international payment processes and take advantage of faster cross-border transactions. 

The businesses will be merged under the Monoova brand and clients will be able to access a toolkit for domestic and global payment flows through a single API gateway.

“With the new Monoova platform, clients can automate the receipt, payment and management of domestic and cross-border funds – reducing costs and resource requirements and allowing teams to focus on growth and innovation,” says Christian Westerlind Wigstrom, co-founder and CEO, Monoova.

Monoova, which was recently named FinTech Organisation of the Year at Fintech Australia’s prestigious Finnie awards, aims to reduce the processing time for cross-border transactions involving G10 currencies from up to three working days to near real-time.

G10 currencies include the Australian dollar, the Canadian dollar, the Euro, the Japanese yen, the New Zealand dollar, Norwegian krone, Pound sterling, Swedish krona, Swiss franc and the United States dollar.

Over the past five years, Monoova has moved about $50 billion through its domestic-automation platform, serving a growing number of technology-enabled businesses such as Jacaranda, Hnry and Wise.

Moneytech FX has grown rapidly over the past two years and has expanded the features of its platform through multiple integrations, providing a self-managed and fully compliant service to clients. The business has moved about $12 billion in cross-border transactions over the last 18 months.

The merged business will be headquartered in Sydney, with 70 team members.