Money Mover raises £1m to help small businesses with international transfers
Investors including Andy Homer and Sir Peter Michael have backed Cambridge-based currency exchange and payments service
Business currency exchange and international payments service Money Mover has secured £1m from a group of private investors, including Andy Homer and Sir Peter Michael.
The Cambridge-based financial technology (fintech) company claims it makes international money transfer a help rather than a hindrance for small business growth and says it offers reduced costs with more transparency.
Its online platform features real-time exchange rates, quotes and a global payments functionality which integrates with many financial applications to support existing processes.
Hamish Anderson, co-founder and CEO of Money Mover, discussed the market opportunity: “Banks currently regard the small business market as niche and don’t properly understand their business needs. International payments are especially difficult and complex for small businesses with hidden fees, poor rates and cumbersome processes.
“We’re here to ditch the ‘a one-size-fits-all approach’ and be the payment partner that is transparent, trusted and genuinely invested in helping their businesses grow.”
Investor Homer commented: “Payments is the largest sector within fintech, and foreign exchange transfer is the fastest growing sub-sector. Today, there isn’t a provider focused on the small and medium business sector. A dedicated player would gain first mover advantage. Money Mover is that player.”