LITTLE ROCK, Ark .– (COMMERCIAL THREAD) – LumoXchange, a financial technology (FinTech) payments company, announces the launch of the world’s first foreign exchange marketplace that allows users to compare exchange rates and send money on one platform.
Based in Little Rock, Arkansas, LumoXchange provides exchange rates for its international partner financial institutions in each country and allows users to compare rates, view customer ratings, and send money. “Just like buying the cheapest hotel room on Hotels.com, you can compare exchange rates and convert your payment to local currency while saving up to 50% compared to the competition,” said Maf Sonko , founder and CEO of LumoXchange.
While there are comparison sites that allow users to compare exchange rates, no company has been able to combine comparing rates and sending money on one platform. “We are bringing real transparency to the global $ 600 billion remittance industry by democratizing the process of sending money overseas,” Sonko said. LumoXchange is able to crack the code through Local Exchange Networks (“LEN”), which is a network of financial institutions in each country where it offers payments. Local financial institutions compete with each other to convert incoming payments by offering competitive exchange rates and options to pay beneficiaries directly to their bank account, mobile wallet or in cash.
For its initial launch, LumoXchange will first be available for payments to The Gambia, Senegal, Mali, Ghana and Nigeria. Later this summer, LumoXchange will add payments to the Philippines, which is the fourth largest payments corridor in the United States. announce more partners on its money transfer marketplace as well as payments to more countries in the coming months.
Based in Little Rock, Arkansas, LumoXchange is a one-stop international exchange rate comparison and money transfer company. Through its innovative Local Exchange Networks (LENs) created with local financial institutions in each country, LumoXchange can provide cross-border payments using actual exchange rates at the local level. Easily find, compare and send money online with great exchange rates. LumoXchange is an alumnus of the VC FinTech Accelerator by Empowered FIS. For more information on LumoXchange, visit www.lumoxchange.com.