Finablr PLC (LON: FIN), a global platform for payments, and Samsung Electronics America, today announced the launch of the Money Transfer feature in Samsung Pay.
This new in-app international money transfer service offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.
Money Transfer in Samsung Pay is available now in the US and will be expanded to further markets in 2020.
Promoth Manghat, Group Chief Executive Officer at Finablr PLC, commented:
“We are delighted to be partnering with Samsung to launch the new in-app Money Transfer service. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation worldwide, in line with the strategic and financial outlook provided for our B2B and Payments Technology Solutions business at the time of IPO. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market allows us to drive innovation at a scale that is unique in the US$127 trillion global cross border payments market. The launch of this product advances our mission to meet the needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.
About Finablr B2B and Payments Technology Solutions
Offering Fintech at scale, Finablr empowers large payments ecosystems through its integrated technology, omni-channel distribution capabilities and global licensing, enabling clients such as payments and technology companies, mobile wallet operators and financial institutions, among others, to run seamless, secure and scalable payment technology solutions.
The Group’s B2B & Payment Technology Solutions segment processed transactions with a U.S. dollar equivalent value of approximately U.S.$58.2 billion in the year ended 31 December 2018. In 2018, the B2B & Payment Technology Solutions segment’s adjusted income was U.S.$278.6 million, and its segment profit was U.S.$105.0 million, or 35.7 per cent. of the total segments’ profit. In the six months to June 30 2019, the segment processed transactions with a U.S dollar equivalent value of approximately U.S.$36.1bn; reported adjusted income of U.S.$161million, adjusted EBITDA of U.S.$ 60.3mn, and an EBITDA margin of 37.4%.
