International money transfer services are big business, with trillions of dollars crossing borders each year. It is also an area of disruption in the digital age, with large providers such as Western Union expected to see competition from tech firms like Facebook - which has recently been working with UK start-ups on its own offering.
One of the start-ups leading the way is The Currency Cloud, which now processes $6bn in payments every year, having launched in 2012. The company offers a automated foreign exchange (FX) payments engine with APIs for use by other customer-facing companies - including start-ups such as TransferWise - allowing it to offer lower rates than banks and money transfer firms.
Backed by a number of leading fintech invest firms, including Atlas Venture, Anthemis Group, and Notion Capita, the start-up recently announced its latest funding round, receiving $10 million (£5.8bn).