Buckzy Payments Inc., established in 2018 and headquartered in Toronto, Canada, is a fintech company specializing in real-time cross-border payment solutions and embedded finance services. The company aims to modernize international money transfers by providing secure, efficient, and cost-effective payment infrastructures for financial institutions and fintech firms worldwide.
Company Overview
Buckzy offers a comprehensive platform that includes multi-currency bank accounts, local settlement accounts, real-time foreign exchange (FX) quoting and booking, and Banking-as-a-Service (BaaS) capabilities. This suite of services enables clients to facilitate real-time international payments without hidden fees or unnecessary overhead costs. Since its operational launch in 2020, Buckzy has expanded its network to disburse funds to over 80 countries, including the UK, India, the European Union, the Philippines, and the United Arab Emirates. The company has also recently extended its reach into Latin America, covering countries such as Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico, and Uruguay.
Funding and Financials
In December 2022, Buckzy secured a USD 14.5 million Series A funding round led by Mistral Venture Partners and Uncorrelated Ventures, with participation from Luge Capital, Blue 9 Capital, and Revel Partners. This financing aimed to support the company's entry into new geographies and the expansion of its product offerings. As part of this round, Karim Gillani, a former Xoom and PayPal executive and current General Partner at Luge Capital, joined Buckzy as a board advisor.
Market Position and Growth
The global cross-border payments market is estimated to be approximately USD 150 trillion and remains significantly underserved. Buckzy is addressing this gap by offering a platform that enhances customer experience through automation and rapid payment processing. The company's network facilitates real-time settlements within 10 to 30 seconds, catering to traditional banks, neobanks, and fintech firms.
Between 2020 and 2021, Buckzy experienced a 3.5x revenue growth with 75% margins and anticipated similar results for 2022. The company has grown its customer base from 10 in 2019 to over 160 by late 2022, reflecting its rapid expansion and adoption in the market.
Technological Integration
Buckzy emphasizes the integration of Artificial Intelligence (AI) in its operations to enhance security, operational efficiency, and customer experience. AI plays a crucial role in fraud detection, automating repetitive tasks, and assessing creditworthiness, thereby streamlining cross-border payment processes.
Competitive Landscape
Buckzy operates in a competitive market alongside companies like Thunes, Stripe, PrimeRevenue, MoneyGram, and Previse. Its focus on real-time, secure, and cost-effective cross-border payment solutions positions it as a significant player in the fintech industry.
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