New brand launches forecasting processing volume growth of over 60% in 2021 as merger of Assembly Payments and CurrencyFair receives regulatory approval.
DUBLIN, Nov. 4, 2021 /PRNewswire/ -- The merger of Assembly Payments, whose platform automates complex payment workflows, and CurrencyFair, a global cross-border payments platform, has received regulatory approval and is now complete.
With that, the company today launches its new brand - Zai (www.hellozai.com) - which replaces the Assembly Payments brand as the company moves beyond domestic and FX payments to provide a core suite of broader integrated financial services to consumers and businesses globally.
Paul Byrne, CEO of Zai said: "Our vision with Zai is to boldly transform the future of financial services. It will build on the great successes already achieved by Assembly Payments and CurrencyFair, powering our customers with innovative services and products.
"Zai will continue our focus of being resolutely customer-centric, solving problems and adding value around our five core capabilities – payments, global payment accounts, supporting our partner ecosystem, lending and settlement, and payment services – addressing myriad growth opportunities in the US$2 trillion revenue market for payments."
Zai also forecast that group processing volume is expected to reach US$6.5 billion in 2021, a more than 60% increase on 2020 volumes. This is the second consecutive year of strong growth with volumes increasing 53% to US$4.0 billion in 2020.
Assembly Payments and CurrencyFair merged to form Zai supported by investment from SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered which is doubling down on its commitment to the rapidly growing payments industry, following its initial investment in Assembly Payments in 2020.
The investment and merger were announced in April 2021. Zai expects to grow from its current 170 employees to around 450 by 2025.
Alex Manson from SC Ventures said: "Through Zai, we will provide our customers with the building blocks to launch their online propositions, without the technical and geographical complexities when it comes to payments and related services. E-Commerce is one of the highest conviction themes for SC Ventures, and we will continue to grow and scale our capabilities and geographies to support the transition to digital economies."
Zai was born from the April 2021 merger of Assembly Payments and CurrencyFair. We are boldly transforming the future of financial services and powering our customers with innovative products and services. Assembly Payments, founded in 2013, has been one of the fastest growing fintechs in Australia, with a presence in Singapore, India, Philippines and the US. Specialising in building automated payment workflows, with APIs, to reduce the complexity of running both traditional and digital-native businesses. CurrencyFair, founded in 2010 and with offices in Ireland, UK, Hong Kong, Singapore & Australia, is a global cross-border payments fintech that serves individuals and businesses with international payments and currency exchange through its proprietary global platform. Zai has over 170 employees, and is hiring as we expand our presence across APAC, Europe, the Middle-East, and North America. To find out more about the history of Zai visit www.hellozai.com