BitPesa, a blockchain payments platform for Africa and Europe, has acquired Spanish online money transfer platform TransferZero for an undisclosed sum.

TransferZero was established in 2016 by Luis Cambronero. The company facilitates remittances to 200 countries and supports more than 50 currencies.

TransferZero will retain its brand name, employees, and its Madrid headquarters.

BitPesa founder and CEO Elizabeth Rossiello said: “Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, founder and CEO of BitPesa. “Digital currencies and decentralised technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power—rather, which specific technology and what product iteration will launch and scale first.”

TransferZero CEO Luis Cambronero has been appointed as the managing partner at BitPesa.

“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level,” Cambronero noted.