Spanish fintech startup TransferZero has been acquired by Kenyan blockchain payments company BitPesa, which operates in Africa and Europe. No terms were disclosed.

TransferZero is a money transfer platform based in Madrid and has partnerships with Spain’s third largest bank, Bankia.

Its CEO Luis Cambronero has been appointed a managing director at BitPesa, which also have offices in London and Luxembourg. The TransferZero brand will continue to operate though and staff will remain in Madrid. The combined company will be focusing on the UK and European markets.

“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, CEO of BitPesa. “Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power---rather, which specific technology and what product iteration will launch and scale first.”

Rossiello pointed to changing regulations around the world and Europe, and specifically in countries like Switzerland, that have become more accommodating to blockchain technology in the banking sector.

“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level,” said Cambronero. “Traditionally, residents would have to go to an agency or office to send money in cash. We enable our customers to quickly send money across the globe for free.”

Comments are closed.