SMEs in 20 countries benefiting from unique FX matching process and 0.2% commission
Freemarket, the disruptive FX and payments platform for SMEs, which launched in 2016, is seeing rapid growth as businesses opt for cost-effective currency exchange. With its fixed commission of just 0.2%, and unique ‘matching’ model to optimise exchanges so each party gets the best FX rate, freemarket has filled a significant gap in the market.
Through freemarket, SMEs are able to access affordable currency exchange for the first time, effectively opening up the international market for them to trade cross border. The company has seen significant growth in exchange of both the Euro and US dollar, and expects to see the trend follow in Japanese Yen as well as both Canadian and Australian dollars in the coming months.
With clients across 20 countries around the world, freemarket has had particular success with younger, owner-managed, companies and startups looking for the best solution which will enable them to reach their full potential without the barrier of high FX fees and poor exchange rates making cross-border trade unsustainable.
Alex Hunn, Founder and Chief Executive Officer of freemarket comments, “Our unique method of matching FX allows us to work with changing geographic currency trends to ensure both parties always receive the best price possible for their currency. The marketplace we have built, where businesses exchange currency with each other, has created an alternative banking platform – one which has only winners, as our matching process and scheduled exchanges ensure no one loses out.
“The next step in the freemarket journey is ledger technology and blockchain. We are currently looking into and experimenting with ledger and blockchain delivery, working out how we can make this work effectively for our customers in the same way our current offering has benefited so many companies. We are excited about the coming developments and look forward to the continued rapid expansion of our business.