Whether it’s a migrant worker supporting family back home, a freelancer getting paid from overseas, or a business expanding into new markets, the need for fast, affordable, and transparent cross-border money transfer have been on the rise.
This has given rise to a wave of fintech innovators redefining how money moves globally. Imagine Foluke sending money from Lagos to London for her sister’s school fees, this is what these start-ups are building.
While traditional banks and remittance giants like Western Union still dominate the market, a new generation of fintech start-ups now offer lower fees, faster transactions, enhanced transparency, and digital-first experiences that appeal to everyone.
In this piece, Techparley’s Quadri Adejumo spotlights ten (10) standout cross-border money transfer start-ups that are revolutionising the remittance and international payments space.
Leatherback
Leatherback is a fintech company building cross-border financial infrastructure tailored to global citizens and businesses. Its selling point lies in enabling users to send, and receive money in over 15 currencies through a single account.
The platform supports payments across Africa, Europe, North America, and Asia. Its API integration and B2B-friendly features also make it a strategic partner for SMEs navigating international markets.
Wise
Wise revolutionised cross-border payments by introducing real exchange rates and transparent fees. The platform facilitates peer-to-peer money transfers, offering fast and low-cost solutions across over 70 countries.
Wise’s innovation lies in its borderless account, which allows users to hold and manage money in different currencies. Its infrastructure is now being white-labelled by banks and enterprises, further expanding its impact.
Remitly
Remitly focuses on making it easier and more affordable for immigrants to send money home. The company operates primarily between the US, Europe, and developing countries in Latin America, Africa, and Asia.
Remitly provides mobile-first, secure remittance options with real-time tracking. By offering both bank transfers and cash pick-up options, Remitly caters to markets where digital penetration is uneven.
NALA
NALA is a fintech startup empowering African diaspora communities to send money to the continent with minimal fees and maximum speed. The company boasts a focus on Africa-first infrastructure, prioritising financial transparency and direct-to-mobile wallet payments.
Operating in over 10 African countries, NALA is challenging the dominance of older remittance networks by offering real-time payments, bill payments, and currency exchange capabilities.
Chipper Cash
Chipper Cash provides no-fee, cross-border P2P payments across several African countries including Nigeria, Ghana, Uganda, and Kenya. With additional functionality in the US and UK, the company is building a financial bridge between African nations and the global market.
Chipper also offers crypto trading and a virtual card service, appealing to the continent’s digitally savvy youth. The startup continues to scale with a mission to democratise financial services in Africa.
Sendwave
Sendwave has quickly gained traction as one of the fastest-growing money transfer apps for Africans in the diaspora, especially in the US, UK, and EU. With a mobile-first interface, it allows free or low-cost transfers to countries like Ghana, Nigeria, Kenya, and Senegal.
The company’s standout feature is its instant transfers directly to mobile wallets or bank accounts, which makes it ideal for emergency remittances and low-value, high-frequency transactions.
Flutterwave
Flutterwave is one of the payment gateways in Nigeria and across Africa. It is known for its robust platform that facilitates seamless cross-border payments.
The company has extensive infrastructure across 34 African countries, with Uganda recently joining the list. It supports over 150 currencies and integrates with major global payment systems like PayPal, Alipay, and mobile wallets.
Payday
Payday is a neo-bank providing Africans with access to USD, GBP, and EUR accounts, making it possible to receive money from abroad as if they were based in those countries.
Designed with remote workers and digital freelancers in mind, Payday supports transactions in over 20 currencies. It bridges a critical gap by empowering local talent to get paid in foreign currencies and withdraw seamlessly.
Vesti
Vesti is a money transfer app built to support aspiring immigrants with secure cross-border financial services.
The company offers end-to-end money transfer capabilities along with AI-powered guidance for users navigating legal migration. It combines blockchain encryption, remittance tools, and digital identity services to ensure safe transactions.
Lemfi
Lemfi provides instant international money transfers and multi-currency wallets for the African diaspora. It allows users to send money from countries like the UK, US, and Canada to Nigeria, Ghana, Kenya, and other African nations.
What sets Lemfi apart is that users can also receive foreign payments and convert currencies within the app, making it an all-in-one financial tool for Africans living abroad.
How Fintech Is Transforming the Way the World Sends Money
For decades, sending money across borders was a slow, expensive, and frustrating process, especially for Africans. But over the past few years, a new wave of fintech startups are changing the game.
The way money moves is no longer limited. Take Adaeze, a Nigerian student living in the UK, who once struggled with delays and charges just to send money home to her family. Today, apps like Leatherback, and Wise allow her to transfer funds in minutes.
These platforms aren’t just about speed, they represent a shift in who gets to participate in global finance. By making cross-border transfers more inclusive, secure, and accessible, fintech is building bridges where borders once stood.
Tips to Consider When Choosing the Right Cross-Border Money Transfer Platform
- Check fees and exchange rates. Some platforms hide charges at poor rates.
- Confirm transfer speed. Go for instant or same-day transfers if timing matters.
- Ensure country and currency support. Not all apps work everywhere or support every currency.
- Verify security and licences. Only use regulated platforms with strong security.
- Test the app and support. A smooth app and responsive support can save you stress.
Cross-Border Money Transfer FAQs
What is a cross-border money transfer start-up?
It’s a fintech company that enables users to send and receive money between countries quickly, often with lower fees and better exchange rates than traditional banks.
Are these cross-border money transfer platforms safe to use?
Yes, reputable platforms are regulated and use encryption and security protocols to protect user data and transactions.
Do I need a foreign bank account to use these cross-border money transfer platforms?
No. Many platforms offer virtual accounts or multicurrency wallets that allow you to receive and hold funds without a foreign bank account.
How long does international money transfers take?
Transfer times vary. Some platforms process transactions instantly or within a few hours, while others may take 1–3 business days.
What is the cross-border payment system in Africa?
Africa’s cross-border payment system includes platforms like PAPSS (Pan-African Payment and Settlement System), as well as private fintechs that offer seamless regional and international transfers.
