Unifimoney signs cross-border payments deal with Nium
US challenger Unifimoney has signed a technology partnership with infrastructure firm Nium.
Unifimoney targets “high-earning professionals”
The deal will give Unifimoney customers the ability to send payments “globally and in real-time”. It promises an enhanced “outbound money transfer experience”.
Nium will supplement Unifimoney’s solution for automated money management across saving, spending and investing.
Unifimoney users will be able to send funds overseas to major corridors in Europe and Asia easily within the app, at a “much lower FX rate than banks”.
The US challenger bank launched in December 2019 by Ben Soppitt, a former head of business development at Samsung Pay.
The bank describes itself as a “neobank for high-earning professionals”.
“The Unifimoney user is a high-earning, highly educated professional, often in tech or medicine,” says Soppitt.
“Many have already asked about sending money to friends and family back home, so we’re very excited to deliver the best-in-class solution for global payments by partnering with Nium.”
Unifimoney signed a deal with UMB Bank in January for the provision of insured deposit and payment integration services.
According to the challenger’s website, it plans to make its money from small charges for robo-advisory services.
Unifimoney also recommends mortgages, insurance and car loans from selected participants. The neobank takes a cut when its users opt for them.
“In today’s competitive payments environment, new technology makes an incredible difference,” says Nium vice president and head of business development in the US, Gabriel Grisham.
Related: Singapore’s cross-border transfer fintech Nium lands EMI in UK
