Merge significantly expands currency offering and receives in-principle approval for an EMI licence in France
Merge, a B2B fintech company that provides payments and banking infrastructure for digital businesses via a single API, is significantly expanding its currency coverage, adding US dollars (USD) and 60 other currencies to its existing GBP and EUR offerings.
Merge’s expanded offering will include additional currencies from G10 countries like Australia, Japan, Canada, and Switzerland. Additionally, the API will support more European currencies, including those from Poland and the Nordic countries, as well as currencies from Latin America, such as Brazil and Mexico. The expansion also encompasses the UAE, India, and several other Asian and African nations. This expansion makes Merge truly global in its capabilities, allowing it to offer a more comprehensive and versatile cross-border payment service.
There are several benefits to Merge’s significant currency expansion – starting with the simplification of international payments for businesses, who will no longer need to manage a multitude of partners across different platforms and multiple integrations. Now, all of this can be done from Merge’s single platform, streamlining financial operations and reducing complexity.
The integration of multiple currencies also reduces currency conversion and transaction fees. By providing diverse currency options all through a single API, Merge powers businesses to cater to a wider customer base, improving customer satisfaction and enabling expansion into new markets.
In parallel, Merge has secured in-principle approval for an Electronic Money Institution (EMI) licence in France. This enables Merge to significantly widen its operational scope through the provision of a range of services demanded by businesses from moving e-money, issuing payment instruments, and issuing localised IBANs. The endorsement from the French regulators, known for their rigorous standards, underscores Merge’s commitment to excellence. Merge will be able to expand its support for global businesses looking for best-in-class providers that can demonstrate high compliance standards and stability.
These two things mark a pivotal moment in Merge’s growth journey and brings the team closer to its goal of enabling businesses to collect, hold, and move money globally across any currency through local rails at low cost via a single API.
Kebbie Sebastian, CEO and founder at Merge, commented: “We’re at an extremely exciting moment in Merge’s journey. These developments are part of our ambitious growth plans, aimed at benefiting global businesses and technology companies. It means we can provide them with more diverse currency options and a robust, reliable platform for their financial transactions. This strategic expansion will help us achieve our goal of merging all local rails and currencies to power global trade.”
