The startup offers a peer-to-peer currency exchange platform that enables secure cross-border payments at mid-market exchange rates. By facilitating the direct exchange and transfer of foreign currencies, the platform reduces foreign exchange costs and simplifies the transaction process for clients worldwide.
Funding
$6.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional cross-border payment methods often involve high transaction costs, slow processing times, and complex procedures, creating friction for businesses engaged in international trade. These inefficiencies can hinder growth and increase operational overhead, particularly for SMEs.
Solution
TranSwap offers a fintech platform designed to streamline global payments, collections, and currency conversions, providing businesses with a cost-effective alternative to traditional banking. The platform enables users to make payments to over 100 countries, collect funds in multiple currencies, and convert currencies at competitive exchange rates. TranSwap's Global Account allows businesses to hold up to 34 currencies, manage global finances, and pay and receive money in local currencies. The platform also offers a multi-currency card for expense management and integrates with existing systems via API for streamlined collections and reconciliations.
Target Audience
TranSwap primarily targets small to medium-sized enterprises (SMEs) and businesses engaged in international trade that require efficient and cost-effective cross-border payment solutions.
Features
- Payments to over 100 countries with real-time tracking
- Multi-currency collections in local currency
- Competitive exchange rates for currency conversions
- Global Account to hold and manage up to 34 currencies
- Multi-currency cards for expense management with spending limits
- API integration for streamlined collections and reconciliations
- Mobile app for on-the-go management of global finances
- Real-time alerts and 2-factor authentication for enhanced security
- Segregated client accounts in leading global banks