CurrencyFair, the Dublin-based fintech company, reported a loss of over 4.2 million euros for 2020, up from nearly 6 million euros the previous year.
In its financial results for 2020, released last week, CurrencyFair said revenue fell slightly to 8.7 million euros, from nearly 9.2 million euros in 2019. The reserved loss of the company at the end of December 2020 reached 37 million euros, against nearly 32.8 million euros. m at the start of the year.
Last week, CurrencyFair announced that its merger with Australian fintech firm Assembly Payments had received regulatory approval. She launched Zai, replacing the Assembly Payments brand as it moves beyond domestic and foreign exchange payments to provide a wider range of financial services to consumers and businesses around the world.
Speaking about the merger, Paul Byrne, CEO of Zai and CurrencyFair, said the brand will build on the success of Assembly Payments and CurrencyFair.
“Zai will continue to focus firmly on the customer, solving problems and adding value around our five core capabilities – payments, global payment accounts, supporting our partner ecosystem, lending and settlement and payment services – by addressing a myriad of growth opportunities in the $ 2. trillion dollar payments revenue market.
Assembly Payments and CurrencyFair have merged to form Zai, backed by investment from SC Ventures, the fintech innovation, venture capital and investment unit of UK financial services giant Standard Chartered.
Last month the Independent Sunday reported that CurrencyFair received a $ 35 million investment from Standard Chartered earlier this year.
CurrencyFair announced the investment and merger in April 2021.
Zai plans to grow from its current 170 employees to around 450 by 2025.
Alex Manson of SC Ventures said Zai will provide its clients with the “building blocks to launch their proposals online” without the complexities associated with payments.