Money transfer company WorldFirst has signed a definitive agreement to acquire Wyre’s retail cross border payments service.

The transaction has already been completed and currently is in migration stage. The financial details were not disclosed by the company.

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Wyre divested its retail cross border payments service as a part of its strategy to concentrate on its API partners.

The company noted that it selected WorldFirst to buy its business due to the latter’s global infrastructure and payment coverage.

Following the completion of the migration process, WorldFirst is expected to gain thousands of new individual retail customers sending money and paying invoices across the UK, China, Hong Kong, Brazil and Mexico.

Ioannis Giannaros, Chief Operating Officer of Wyre, stated: “We’re excited for the partnership and it was a clear choice to make the transaction work with WorldFirst.

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“Wyre has invested a lot of time building relationships with our clients and we’re confident that WorldFirst has the world-class customer service to help service all of the accounts.”

Established in 2004, WorldFirst has eight offices globally and employs 600 people. It is said to process more than $15bn of payments annually.

Since the beginning of servicing individual retail businesses in 2016, Wyre’s this business has grown to process more than $100m payments annually.

However, under the company’s new strategy the retail dashboard was considered outside its business model.

Wyre added that the company will continue to offer it services as an API-based solution helping large enterprises with their on/off-ramps.