Sky’s the limit for Fintech as it signs travel industry client
LONDON-based payments and FX fintech Freemarket has been appointed by Alternative Airlines, a fast growth UK-based flight search and booking site, to provide multi-currency foreign exchange services.
The appointment means Alternative Airlines will now be able to expand its footprint and trade in the currencies of Middle Eastern countries including Saudi Arabia, UAE, Bahrain and Kuwait.
Founded in 2016, Freemarket works predominantly with financial institutions including neo and digital banks and fintechs, insurance providers, regulated industries, payment service providers and merchants.
The company’s software and aggregated Tier 1 bank network access enables the real-time movement of monies so inbound transfers and receipts are transacted fast and currency exchange rates are optimised for the benefit of customers as they get pricing close to currency market rates. The company does this by creating a liquid internal market which matches buyers and sellers of currency through the netting of incoming payments.
Acknowledged as one of the fastest growing fintech companies in Europe, Freemarket enables businesses to receive and pay funds in over 40 different currencies across 100 countries. The company currently processes over £350m in transactions monthly.
Sam Argyle, managing director at Alternative Airlines, said:
“We currently offer 600+ airlines in 160+ currencies across the world and are gearing up for significant further growth. We wanted a partner who could facilitate our ambitions.
“We awarded our contract to Freemarket following a rigorous competitive tender process. We were impressed by the depth and breadth of currency and geographical coverage,their customer retention rates and ambitions to grow and add further currencies to their service offering.”
Alex Hunn, CEO of Freemarket, said:
“Alternative Airlines is one of the fastest growing travel businesses based in the UK and we are delighted they chose us to help underpin their continued expansion into new countries. In short, our service simplifies cross-border business transactions.
“By using our platform, they no longer have to nurture individual banking relationships in each country they trade with as we already have solid relationships with tier 1 banks across the world.”