BitPesa, a blockchain-based settlement system connecting African and European markets, has moved to consolidate its position through the acquisition of TransferZero, a payments processor based in Madr
BitPesa, a blockchain-based settlement system connecting African and European markets, has moved to consolidate its position through the acquisition of TransferZero, a payments processor based in Madrid.
The company, which emerged in 2013, has rapidly become a major player in cross-border cryptocurrency transfers across both continents. During an appearance at Yahoo Finance's All Markets Summit: Crypto in New York, founder and chief executive Elizabeth Rossiello disclosed that the firm has maintained a consistent expansion rate of 24 percent monthly over the past two years.
The trajectory of BitPesa's growth illustrates the scale of demand for its services. When it initially entered the Nigerian market, monthly flows stood at roughly $100,000. Within twelve months, that figure had climbed to $1 million. By the conclusion of 2017, the platform was facilitating approximately $18 million in monthly transfers.
The core proposition BitPesa presents centers on simplifying how individuals and institutions can exchange African currency through bitcoin transactions. Its operational footprint spans Nigeria, Kenya, Uganda, Tanzania, Ghana, and the Democratic Republic of Congo. Holding an Authorised Payment Institution license from Britain's Financial Conduct Authority gives BitPesa regulatory credibility in Western markets.
The TransferZero acquisition brings Madrid-based operations into BitPesa's fold. TransferZero reaches recipients and businesses spread across roughly 200 territories, functioning with more than 50 currency pairs. The Bank of Spain has granted it a payment institution license, putting it in compliance with Europe's second payments services directive requirements.
Commenting on the transaction, Rossiello emphasized the immediate strategic gain: "We just doubled our bank accounts [and] our infrastructure." Yet she took pains to clarify that the expansion doesn't signal a retreat from the company's original mission. "We are a frontier market company," Rossiello stressed. "That's the heart and soul of this company, that's where the most value is derived from this business model and that is where the most enormous potential still lies for those of us who know how to do business there, and that's our team."
The European presence, Rossiello explained, makes strategic sense given that Europe functions as a nexus for global money transfer operations. Combining operations across the two continents represents a "quite complimentary" pairing, in her estimation.
Regarding potential entry into the American market, Rossiello's stance proved characteristically candid. She emphasized that she follows an unconventional playbook and sees limited necessity for her platform there. "I'm not saying Africa needs me, but I think Africa needs more entrepreneurs focusing on building products and I'm happy being one of them doing that," she remarked. Instead, her sights remain fixed on underserved regions: "I think frontier markets like Central Asia, the Middle East, and North Africa need more entrepreneurs, they need more market entrance, and I would love to be part of the class doing that."
