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AstroPayhas been around since 2009 . The bootstrapped society presently has 320 employee and is profitable . And yet , it ’s not a name that comes up often in startup newsworthiness .
The company originally set out its life as a defrayment help provider focused on Latin America — an alternative payment method acting that you would observe next to the PayPal or carte button on checkout page .
Now , the caller want to expound beyond its roots and become a global consumer fintech product , a multi - currency wallet mate with a requital card so that you’re able to pay , send , and receive money from your phone . The fellowship also offers savings account statement .
In many way , the new AstroPay app and site count and feel a mint likeWise , the London - based fintech that offers multi - currency explanation as well as a currency exchange service . Wise has been particularly popular with family members working afield and charge remittances , freelancers billing company in other up-to-dateness , small companies working with strange suppliers , frequent traveller , or student go abroad for a interruption year .
But the AstroPay squad still believes it should be well-fixed to send and welcome money from overseas . They say the absolute majority of fussy - border defrayal take at least 24 hours to make it . Sometimes , customers even have to talk to a bank ’s support agent to send money abroad . And , of grade , it can be expensive .
“ There is no such matter as a global depository financial institution , at least not yet . And that ’s basically what we ’re trying to do here at AstroPay , ” CEO Marc Sacal distinguish TechCrunch . He antecedently co - establish Arcus , a fintech caller that wasacquiredby Mastercard .
“ Our intersection is like a global digital bank that enables anyone — an individual or a business — to save , broadcast and drop money everywhere , ” he lend .
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Unlike Wise , AstroPay also has a connection of merchants that accept payment via AstroPay at checkout . If a merchandiser decides to accept AstroPay , customers can pay with AstroPay instantly on the merchant ’s web site or app .
AstroPay charges fees for those business organization - to - consumer ( B2C ) dealings . And it design to subsidize its multi - currency billfold product thanks to those fees , meaning client should get good exchange rates thanks to B2C dealing in Latin America .
“ We make money when people purloin the card — the interchange fees — when people hold the money in the billfold from the yield that we can get , and when people use their wallet counterweight to pay straight with the merchant as we bill the merchant , ” Sacal said .
That ’s why the AstroPay notecase should turn in particular well in LatAm food market where it already has a merchandiser web . AstroPay is supported on Booking.com as well as solid food delivery services iFood and Rappi .
“ We ’re very , very strong in emerging markets , ” tote up Sacal . “ A great example of a product we ’re doing is in Brazil , where the local payment method acting is Pix . It ’s inst , veridical time . That ’s what everybody uses . For merchants , that ’s what they favor to accept over card requital … And when you go to Brazil with AstroPay , you could expend Pix . ”
AstroPay presently mesh in around 25 countries . In summation to Latin America , the troupe is expanding to Europe as many Latin American workers move to Europe to feel young work opportunity . They might postulate to get European banking details ( IBAN ) and send money back home .
That ’s why the party recently secured an Electronic Money Institution ( EMI ) licence in Denmark . In addition to Denmark , AstroPay will shortly originate accepting client in Spain and Portugal . By the ending of 2025 , AstroPay will also accept customers in France , Germany , Italy , and Poland .
AstroPay itself has teams in multiple markets , including Argentina , Brazil , Colombia , Denmark , India , Peru , Spain , the U.K. , and Uruguay . “ The squad is a reflexion of that company we ’re ramp up as well . So we are 320 hoi polloi and we ’re go around out around the world , ” Sacal say .
