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Fintech-as-a-service company Send Payments has secured its biggest client to date after signing an agreement with listed property settlements group PEXA Group (ASX: PXA) to handle offshore fund transfers for its customers.
The agreement with PEXA is a potential game-changer for Send Payments, linking the tech minnow to a $2.5 billion ASX-listed company that settles between 60,000 and 90,000 property transactions a month.
With the deal less than a week old, Send Payments’ global head of commercial James Read says the partnership has already yielded a number of early referrals for the company as it ramps up plans to capture a share of increased overseas migrations as the world reopens for business.
Send Payments, founded by Paul Billing and Ian Cragg on the Gold Coast in 2019, has evolved from a currency transfer solutions start-up to a multi-faceted payments technology provider servicing a growing list of clients.
The PEXA partnership aligns with Send Payments’ business model which is targeting the enterprise space rather than direct-to-consumer services.
“What we are trying to do is provide an international payment solution that can basically be plugged into our partner’s offering,” says Read.
PEXA has chosen Send Payments to provide a lower-cost, more efficient alternative to the traditional international funds transfer services offered by banks.
“Settling digitally enables industry to support their clients anywhere, anytime, and thanks to this new collaboration with Send Payments, a key friction point, the transfer of funds overseas, has been addressed – further enhancing the property buying and selling experience for consumers” says Lisa Dowie, PEXA’s chief customer officer.
The partnership with PEXA initially will involve a referral system, whereby vendors using PEXA will be given the option of transferring their settled funds internationally via Send Payments.
“We are kicking off with a minimum viable product which is a straightforward referral mechanism and, over time, as we validate the opportunity more and more, we’ll start to build that and embed it into the process of the settlement,” says Read.
Send Payments is also seeking to meet the needs of buyers as well as vendors, giving the payments company access to a bigger share of the addressable market. Read says the partnership with PEXA is off to a promising start.
“We’ve only just launched, and we've already fielded a considerable number of inquiries,” he says.
Send Payments continues to expand its customer base across industry sectors, but it is currently targeting the international relocation market amid a rise in international movements.
“We have made a real effort to enter into partnerships with relocation companies where we can capture a share of people moving from different countries to Australia,” says Read.
“But more recently we have also been working with enterprise customers, ones where we can build our payment products into their product. That’s where we are gaining real traction now.”
Send Payments CEO Paul Billing says the collaboration with PEXA highlights the company’s push to team up with larger corporations, with the company revealing that further partnership agreements are currently in train.
“It further signifies our intent in the enterprise space - packaging up an international payments engine for large businesses who can in turn extend the offering out to their clients,” says Billing.
“International currency transfers is a fiercely competitive marketplace and we’ve worked closely with the PEXA team to solve some existing challenges and provide a seamless experience practitioners within the industry.”
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