Santander is developing a new foreign exchange FinTech to launch in spring.
According to Sifted, the business is within “weeks” of launching.
PagoFX will rival the likes of Transferwise.
It has been built out of London with the help of external consultants like Deloitte.
What does this mean?
The spinout business should help Santander keep up with an increase in digital offerings from other banks, creating a competitive international money transfer platform for individuals and SMEs. The aim following UK launch is to be present across 20 countries.