Blockchain Startup Wyre Acquires Remitsy for China Market Push

A blockchain cross-border startup has acquired one of its competitors as part of an undisclosed deal.

AccessTimeIconApr 4, 2017 at 10:10 p.m. UTC
Updated Sep 11, 2021 at 1:12 p.m. UTC
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Blockchain payments startup Wyre has acquired industry startup Remitsy in a cash and equity deal of an undisclosed amount.

With the news, the San Francisco-based startup gains more than 600 customer accounts and the services of co-founders Neil Woodfine and Richard Bensberg, who will join the Wyre team as part of the deal.

Further, Wyre now plans to hire five new employees in a new Beijing headquarters, while its engineering team will remain in San Francisco.

According to CEO Michael Dunworth, it was Remitsy's close proximity to China's market that was the chief factor prompting the move. (Remitsy uses a combination of blockchain technology and banking relationships to convert user currencies for China-based users).

Dunworth told CoinDesk:

"Remitsy brings the expertise of industry veterans, who have built and scaled a beautiful product with a very impressive customer base."

Wyre uses bitcoin, ethereum, litecoin and other digital currencies to settle transactions between parties in different countries, serving both money service businesses and small enterprises.

The startup officially rebranded in December 2016 following a $5.8m Series A funding round.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Wyre, Inc.

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