Finsure confirms deal with foreign exchange fintech

The partnership will introduce a new avenue for the aggregator’s broker network to move money overseas.

Finsure Group (Finsure) has added a new currency transfer service to its customer relationship management (CRM) platform, following confirmation that the aggregator has partnered with fintech firm Send Payments.

Established in 2018, Send Payments is a Queensland-based international money transfer and currency exchange fintech offering personal and business exchanges.

The ASIC and AUSTRAC regulated company offers its users free and same-day trading, as well as access to a multi-currency payment platform and regular market updates.

As part of the agreement, Finsure brokers and their clients will be able to access Send Payments through the aggregator’s CRM platform, Infynity.

As of September 30, 2021, this network had more than 2,050 brokers and managed a loan portfolio valued at approximately $60 billion.

Managing Director of Finsure aggregation, Simon Bednar, said of the partnership that it was another “great service offering for our brokers” through the Infynity platform.

“Send can increase the value of our brokers’ product offering, by providing a new financial payment service that can add an additional commission stream and potentially save clients thousands of dollars when transferring funds to or from Australia”, said Mr. Bednar.

Mr Bednar added that Finsure brokers using Send Payments will be able to “achieve significantly better exchange rates on transactions ranging from $1,000 to millions of dollars” on transactions that include selling and buying. of properties, property deposits, as well as inheritance and pension transfers.

“Most importantly, Send will enable brokers to better assist expats and non-residents in Australia and businesses transacting internationally.“, he concluded.

“Finsure brokers will have a direct relationship with a partnership manager with whom they can discuss all their client requirements.”

Send Payments co-founder Paul Billing said, “We are extremely excited and proud to be playing a part in helping Finsure’s network of brokers provide their clients with a better forex deal.

“Integrating into their exciting brokerage platform, Infynity, means we put an incredible value proposition in mind for Finsure’s end customers when it matters.

“That’s what Send is all about; helping amazing brands like Finsure bolster their product offerings with best-in-class value.

The partnership comes after news broke that the aggregator has struck a deal with smart insurance provider Honey Insurance, also implementing the service into its CRM platform.

However, this also follows confirmation by BNK Banking Corporation Limited that it had sold Finsure to MA Financial Group for over $152 million.

Speaking to The Adviser earlier this month, John Kolenda, co-founder and chief executive of Finsure, said the transaction represented “an exciting new chapter in Finsure’s success story”.

“As Finsure experiences strong growth, the opportunity to become part of MA Financial Group, a larger and more diverse financial services group, will accelerate Finsure’s ability to grow its presence in the Australian financial services market,” said he declared.

Mr. Kolenda later added that the aggregator is “uniquely positioned as a scalable and technological platform” with a differentiated service proposition to become “one of the most powerful pieces of financial infrastructure in the market. Australian residential mortgage”.

“MAF can support Finsure on this journey through its access to capital, credit and lending capabilities and technology expertise,” Mr. Kolenda said.

[Related: Finsure locks exclusive partnership with smart home insurance provider]

Finsure confirms deal with foreign exchange fintech

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Last update: February 16, 2022

Posted: February 17, 2022

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Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has appeared in a range of outlets including ABC News, SBS’ The Feed and VICE.