LITTLE ROCK, Ark.--(BUSINESS WIRE)--LumoXchange, a financial technology (FinTech) payments company, announces the launch of the world’s first currency exchange marketplace that lets users compare exchange rates and send money on a single platform.
Based in Little Rock, Arkansas, LumoXchange provides exchange rates from its international partner financial institutions in each country and lets users compare rates, review customer ratings and send money. “Just like shopping for the best-priced hotel room on Hotels.com, you can compare exchange rates and convert your payment to local currency while saving up to 50 percent versus the competition,” said LumoXchange Founder and CEO Maf Sonko.
Although there are comparison sites that allow users to compare exchange rates, no company has been able to combine the comparing of rates and sending money on a single platform. “We bring true transparency to the $600 billion global remittance industry by democratizing the process of sending money abroad,” Sonko said. LumoXchange is able to crack the code through Local Exchange Networks (“LENs”), which is a network of financial institutions in each country where it offers payments. Local financial institutions compete to convert inbound payments by offering competitive exchange rates and options to pay beneficiaries directly into their bank account, mobile wallet, or in cash.
For its initial launch, LumoXchange will be available first for payments to Gambia, Senegal, Mali, Ghana and Nigeria. Later this summer, LumoXchange will add payments to the Philippines, which is the fourth largest payments corridor from the U.S. This gives the company a total addressable market of $17.5 billion in cross-border payments annually by the end of 2018. The company is set to announce more partners to its money transfer marketplace as well as payments to more countries in the coming months.
Headquartered in Little Rock, Arkansas, LumoXchange is one-stop shop exchange rate comparison and international money transfer company. Through its innovative Local Exchange Networks (LENs) created with local financial institutions in each country, LumoXchange can provide cross border payments using the real exchange rates at the local level. Easily search, compare, and send money online with the great exchange rates. LumoXchange is an alumnus of the VC FinTech Accelerator by Empowered FIS. For more information about LumoXchange, visit www.lumoxchange.com.