Santander has pulled the plug on its Wise-rival PagoFX just 15 months after it launched, according to altfi.com. The bank described the move as being designed to refocus efforts on business-to-business payments within its PagoNxt division.
“We have ambitious plans to grow PagoNxt and expect to more than double revenues in the media term, with an immediate focus on high growth segments such as merchant and trade services,” a PagoNxt spokesperson said.
“To help support this growth, we have decided to integrate the PagoFX technology into our trade services business to leverage the fast and secure payment capabilities offered by the service.”
PagoFX was launched as an “autonomous fintech startup” with 50 employees and the promise of becoming a real challenger in the low-cost international money transfer space.
However, yesterday Santander wrote to PagoFX customers explaining that the service would shut down on 30 November, with new customer registrations closing today.
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