Payoro, the innovative fintech startup headquartered in Gibraltar and Estonia, announces ambitious plans for international expansion into the dynamic markets of Asia and Latin America.
Founded in 2020, Payoro has quickly gained recognition for its innovative fintech solutions. With its expansion into the Asian and Latam markets, and the impending launch of its proprietary banking app, the company is poised to take further strides in the financial world.
Payoro operates at the intersection of technology and finance, acting as a bridge between consumers and financial institutions such as banks and Electronic Money Institutions (EMIs). With a primary focus on revolutionizing banking experiences, Payoro offers two key products:
Payoro Connect is a cutting-edge platform that enables lightning-fast account opening for private consumers within the European Union (EU) and the European Economic Area (EEA). With Payoro Connect, consumers gain unprecedented access to the world of IBAN banking, making it easier than ever to manage their financial affairs.
In addition to Payoro Connect, Payoro is currently in the final stages of developing its own banking app. The new app will allow consumers to hold balances in their Payoro wallet and send money, positioning Payoro as a direct competitor to more established neo-bank giants. Some industry experts have already drawn comparisons between Payoro and neo-bank leader Revolut, predicting that it can become a formidable contender in the world of fintech.
Payoro’s expansion into Asia and Latin America aligns with the company’s mission to empower consumers globally by providing innovative financial solutions. One of the crucial aspects of this expansion is the support for IBAN. An International Bank Account Number is a critical financial tool that enables seamless cross-border transactions, fund transfers, and more. Examples of countries in Asia and Latin America that support IBAN include Singapore, Hong Kong, Mexico, and Brazil, among others.
However, Payoro is committed to operating responsibly and ethically. As part of its expansion strategy, the company will refrain from entering markets in countries with weak Anti-Money Laundering (AML) measures, sanctioned countries, or nations with a compromised international reputation. This commitment reflects Payoro’s dedication to maintaining the highest standards of financial integrity and compliance.
The eagerly anticipated expansion into these new markets is scheduled for early 2024, marking a significant milestone in Payoro’s journey. The Banking-as-a-Service (BaaS) market has experienced unprecedented growth in recent years, with fintechs disrupting traditional banking models. As the fintech industry continues to evolve, Payoro seems poised to make a lasting impact on the global financial landscape.
With the expansion, Payoro invites stakeholders, partners, and consumers to join this exciting journey as Payoro embarks on a mission to empower individuals, streamline financial operations, and ultimately reshape the future of banking.
Source: Company Press Release
