UK FinTech firm Paysend has secured a licence to operate in Canada, expanding its global money transfers service.
Obtaining the money service business (MSB) license in Canada, the firm said the move is the first step of a plan to expand into North America.
The license, launched to Canadian consumers early next year, will allows its customers to move money instantly to anywhere in the world for a fixed fee.
Launched two years ago, the London and Fife based firm offers card-to-card global money transfer service. It said it now has over 1.2m users around the world.
The company is currently serves clients in 45 countries in multiple currencies.
The firm cites an increasingly mobile workforce and the continued increase in international migrants as key to its success.
Ronald Millar, CEO at Paysend, said: “Canada is home to a large number of immigrants, most of whom regularly send money to their families back home.
“Very often these transactions are life changing for those that send or receive them. We want to support these people by making what was once laborious, slow and expensive, simple, quick and with a minimal cost.
“Moving into Canada is a significant step for Paysend global expansion plan, establishing a firm foothold in North America which is a massive opportunity.”
World Bank figures show that there are now 270m people worldwide who live outside their home country, sending an estimated $689bn home.
Timur Shomansurov, Canada country manager at Paysend, added: “I’m excited that soon Canadians will be able to access a money transfer service that prioritises convenience, accessibility and low fees.”