Dublin’s CurrencyFair completes merger to form new fintech Zai

4 Nov 2021

Image: © Blue Planet Studio/Stock.adobe.com

CEO Paul Byrne said Zai will build on services offered by Assembly Payments and CurrencyFair to ‘transform the future of financial services’.

Irish fintech CurrencyFair has completed its merger with Australia’s Assembly Payments to form a new global financial services company, Zai.

The merger was first announced in April, when Dublin-based CurrencyFair said it expected to increase its workforce by hundreds over the next four years.

Assembly Payments, based in Melbourne, has developed a platform that automates complex payment workflows, while CurrencyFair performs cross-border payments in 20 currencies for more than 150,000 customers. Together, the two companies will offer an expanded suite of financial services under the brand of Zai.

“Our vision with Zai is to boldly transform the future of financial services,” said Paul Byrne, former CurrencyFair boss and new CEO of Zai. “It will build on the great successes already achieved by Assembly Payments and CurrencyFair, powering our customers with innovative services and products.”

He added that Zai will focus on services in areas such as payments, global payment accounts, lending and settlement, supporting partner ecosystems and other payment services.

Zai forecasts that its group processing volume will increase by more than 60pc on last year to reach $6.5bn in 2021.

Scaling business

The merger was supported by an investment from SC Ventures, Standard Chartered’s fintech investment unit. Standard Chartered is doubling down on its investment in the growing payments industry and it previously invested in Assembly Payments in 2020.

“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,” said Alex Manson from SC Ventures.

“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.”

Assembly Payments was founded in Australia in 2013 and has grown quickly to expand in Singapore, India, the Philippines and the US. CurrencyFair, founded in 2010 and headquartered in Dublin’s Ballsbridge, also has offices in the UK, Hong Kong, Singapore and Australia.

After bringing these teams together, Zai expects to grow from its current headcount of 170 employees to around 450 by 2025.

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.

Vish Gain is a journalist with Silicon Republic