dLocal and iTransfer team up to advance cross-border money transfers in key emerging markets
This partnership focuses on mitigating currency risks and improving transfer efficiency.
Montevideo, Uruguay, August 7th, 2024 - dLocal, the leading cross-border payment platform specializing in high-growth markets, today announced its strategic partnership with iTransfer, a prominent cross-border payments company with a significant presence in EMEA, Latin America, and APAC.
One of the main challenges users face in emerging markets is currency volatility, which can significantly affect payment values. According to GSMA, sending money via mobile money costs around 3.73% of a $200 transaction, compared to over 6.09% with traditional methods. For instance, in Nigeria, currency fluctuations impact real-time transfer values.
The collaboration between dLocal and iTransfer aims to address these challenges by offering competitive rates, real-time currency updates, and enhanced flexibility for end-users. The initial rollout supports instant payouts for both bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan. Plans are in place to expand to Bangladesh, Morocco, Egypt, and India, further broadening the service's reach and impact.
"This partnership aligns perfectly with our growth and expansion strategy," said Marcela Gonzalez, CEO of iTransfer. "Offering our users competitive rates and reliable payout methods is crucial to our mission of supporting financial needs in emerging markets. By integrating dLocal's robust payment infrastructure, we can significantly enhance the cross-border payments experience for our users. Faster, more secure, and cost-effective transactions are now within reach, marking a significant milestone in our journey towards improving financial inclusion and accessibility."
"Collaborating with iTransfer to meet the specific needs of cross-border payments in volatile markets underscores our commitment to innovation and equitable access to financial services," said Agustin Botta, Head of EMEA at dLocal. "We are excited to extend our reach and continue delivering top-tier payment solutions."
About iTransfer
ITransfer, a company from INTERMEX (Nasdaq: IMXI), is a well-renowned money remittance company with a strong presence in EMEA, Latin America, and APAC. Committed to providing reliable and efficient remittance services, iTransfer helps individuals send money across borders with ease and confidence. By leveraging advanced technology and strategic partnerships, iTransfer aims to simplify the remittance process and enhance financial accessibility for users worldwide.
About dLocal
dLocal powers local payments in high-growth markets, connecting global enterprise merchants with billions of high-growth market consumers across Africa, Asia, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.