US-based money transfer services provider Viamericas has secured $113.6m funding to expand its global remittance network.
The funding round was led by Old National Bank, with contributions from Bank of Oklahoma Financial, Axos Bank, and US Bank.
FT Partners served as the strategic and financial advisor for the transaction.
Viamericas CEO and co-founder Paul Dwyer said: “With this strong demonstration of support from our bank partners we can now expand more rapidly to deliver the fast, safe and secure services that help people support their loved ones back home.”
According to Viamericas, the funding comes at a time when global remittances are increasingly significant for economic stability and family connections worldwide.
Founded in 1999, Viamericas is a licenced money transmitter with regional offices in Los Angeles and operational centres in Mexico, Colombia, and the Philippines.
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By GlobalDataThe company’s network enables payouts to more than 300,000 locations in 95 countries. It facilitates direct deposits to over 2,700 major banks and 107 mobile wallets.
Viamericas executive chairman and co-founder Joseph Argilagos said: “This funding strengthens our long-term partnership with our bank partners and accelerates our mission of helping families connect and thrive.”
Old National Bank Corporate Banking SVP Roger Kallal said: “Viamericas has been a long-time partner demonstrating strong growth and financial performance.
“Over the past year, they have enhanced their real-time remittance capabilities, underscoring a strong commitment to innovation and growth.
“These initiatives, combined with its dedication to accessible and reliable financial services, further strengthen its position as a trusted partner.”
Earlier this year, Viamericas launched an open payment network in the Philippines to provide access to international money transfers for Filipinos.
This network allows customers in the US and Canada to send funds directly to recipients in the Philippines, irrespective of their financial service provider.
