The Dublin-headquartered fintech company, which is merging with Australia’s Assembly Payments, expects its headcount to reach 450 in the coming years.
Irish fintech company CurrencyFair is to merge with Assembly Payments, an Australian company that automates complex payment workflows, after a strategic investment from Standard Chartered’s SC Ventures.
Pending shareholder and regulatory approval, CurrencyFair’s headcount will immediately go from 90 to 160 and is expected to further grow to 450 over the next four years.
Financial terms of the transaction were not disclosed but CurrencyFair has raised more than €20m to date, according to Crunchbase.
Payments platform CurrencyFair is headquartered in Ballsbridge, Co Dublin, where it was founded in 2009. It offers cross-border payment services in 20 currencies and has onboarded more than 150,000 customers.
In 2018, it acquired Hong Kong’s Convoy Payments as part of its expansion into the Asian market. The company now has offices in Ireland, the UK, Singapore, Hong Kong, China and Australia.
Ireland is still CurrencyFair’s biggest hub and the majority of new job opportunities will be in Dublin, Singapore and Hong Kong. Expansion will be global, however, with vacancies on the cards in Australia and the UK across engineering, product, sales, marketing and more.
CurrencyFair CEO Paul Byrne will lead the newly merged business, which will specifically cater to key pain points in the payment process. These include fragmentation of payment ecosystems, regulatory compliance and data privacy and security.
“This merger is a natural evolution for CurrencyFair as we move beyond simple transactions towards building a company which allows businesses and individuals to access, build, connect and use any payment service,” Byrne said.
Rimal Gokani, co-CEO of Assembly Payments, added: “More and more businesses are moving and expanding online and as they invest they need complimentary payment services including FX, fraud management, reconciliation and non-card payments.”
Keep an eye out for jobs news at CurrencyFair via its careers portal. Currently, the company has three vacancies in Dublin in the area of customer experience.