It’s been non-stop action at the Money Mover offices over the last few weeks culminating in the company’s CEO filming his TV debut.
The Cambridge-based disruptive FinTech company, which offers a secure and transparent online global payments service for SMEs and private clients, has had a busy Easter filming interviews for both ITV and Kuwaiti TV (KTV1).
As the company looks to securing its second round of external seed financing, targeting institutions and private investors with the goal of raising £1m by June 2015, Hamish Anderson - the company’s CEO - will also be taking part in a Finextra webcast on Wednesday (15 April) to discuss digital financial tools and services for small businesses.
“Our feet haven’t touched the ground this year,” explains Anderson. “We filmed with The Weekly Economist for Kuwaiti TV and then we were interviewed by ITV News for a pre-election news feature. On Wednesday our clients can hear us in action when we’ll be involved in the Finextra webcast.”
“It’s great to be able to reach out to the SME market with our low-cost and transparent global payments application for the small business owner,” he added.
Historically, SMEs went to their bank to make international payments and move cash between currency accounts. They accepted (or were unaware of) the high costs due to exchange rate spreads - often between 2-3+% per single foreign currency transaction, and the impact these spreads were having on their profitability.
However, over the last 18 months there has been a quiet revolution in the UK’s FinTech sector, with the emergence of several technology-driven alternatives to foreign currency exchange. Disruptors like Money Mover have built their business on appealing to the SME market – offering a single fee per transaction of between 0.5%-1% which, for many businesses, can result in significant savings.
SMEs account for 99% of all businesses in the UK; there are 5.2 million SMEs according to a statistical analysis of small businesses in the UK by the House of Commons carried out at the end of 2014. This is a lot of businesses with the potential to save a significant amount of money on their bottom line by being smarter about foreign exchange.
“I was introduced to Money Mover by a mutual client. What they have put together looks like it has been set up with the needs of SMEs – our clients – in mind,” says Paul Reid, founder of accountancy and business advisory firm Resolve Business Solutions who has been a client of Money Mover from the outset.
“I really like the way you can access market rates quickly and in real time, but are not required to commit until you have had a chance to review all the details of the transaction. This is a great way for us to add value - the first client we referred to Money Mover was being charged an average of 3.6% of each payment in exchange rate spreads alone. Money Mover immediately cut this to 0.9% - over a twelve month period this marks a significant saving for any business,” he added.