Just to let everyone know, U.S. fintech firms also buy Chinese tech firms. They swing both ways. A San Francisco startup (Wyre, a cross border payments firm) has bought Beijing based Remitsy to give it a footprint into the $500 billion China-U.S. business payment sector. Oh yeah, it is also the very first acquisition by a U.S. firm of a Chinese blockchain business in the corporate payments space (could also add “based in Beijing”). Congrats to all.
San Francisco startup Wyre Inc, a cross-border payments firm, has acquired a Beijing-based platform, Chief Executive Michael Dunworth told Reuters on Tuesday, in what he said was the first acquisition by a U.S. company of a Chinese blockchain business in the corporate payments space.
Wyre’s purchase of Remitsy strengthens the U.S. firm’s push into the $500 billion U.S.-China business payments market.
Dunworth declined to discuss terms of the cash and equity deal. Negotiations started in February, he said.
When Remitsy is fully integrated, U.S.-China business payments will be processed in a few hours, Dunworth said in an interview. Currently, payments are completed within three to five business days using other payments processors, he said.
“We’re focused on payments that are fast as email going bank to bank, and to other payments platforms.”
Wyre and Remitsy are primarily focused on business payments between the United States and China. Both companies are enabled by blockchain, a ledger of transactions that first emerged as the software underpinning bitcoin and is maintained by a network of computers.
Blockchain has become the most sought-after technology in the corporate and financial sector, with the world’s largest banks and companies in a mad dash to adopt it.
Remitsy has partnerships with well-known vendors such as Alipay, launched in 2004 by Alibaba Group Holding Ltd and its founder, Jack Ma. The acquisition allows Wyre to incorporate those partnerships into its own platform and thus bolster its U.S.-China business, Dunworth said…”