Finsure confirms deal with foreign exchange fintech

Established in 2018, Send Payments is a Queensland-based international money transfer and foreign exchange fintech, providing both personal and business exchanges.

The ASIC and AUSTRAC-regulated company provides fee-free and same-day transactions for its users alongside access to a multi-currency payments platform and regular market updates.

Under the arrangement, Finsure brokers and their clients will be able to access Send Payments via the aggregator’s CRM platform, Infynity. 

As at 30 September 2021, this network had over 2,050 brokers and managed a loan book valued at roughly $60 billion.

Finsure general manager of aggregation Simon Bednar said of the partnership that it was another “tremendous service offering for our brokers” through the Infynity platform. 

“Send can increase the value of our brokers’ product offering, providing a new financial payment service that can add an additional commission stream and potentially save clients thousands of dollars when transferring funds to or from Australia,” Mr Bednar said.

Mr Bednar added that Finsure brokers using Send Payments will be able to “achieve significantly better exchange rates on transactions ranging from $1,000 to millions of dollars” on transactions that include property sales and purchases, property deposits, as well as both inheritance and pension transfers.

“Importantly, Send will enable brokers to better assist expats and non-residents in Australia and businesses with international transactions,” he concluded. 

“Finsure brokers will have a direct relationship with a partnership manager they can speak to about any of their clients’ requirements.”

Send Payments co-founder Paul Billing commented: “We are extremely excited and proud to play a part in helping Finsure’s broker network offer their clients a better deal on foreign exchange. 

“Integrating into their exciting broker platform, Infynity, means we are putting an amazing value proposition front of mind for Finsure’s end customers when it matters. 

“This is everything Send is about; helping amazing brands like Finsure bolster their product offering with best-in-class value.”

The partnership comes after the announcement that the aggregator had completed a deal with smart insurance provider Honey Insurance, also implementing the service into its CRM platform. 

However, it also comes following BNK Banking Corporation Limited confirmation that it had sold Finsure to MA Financial Group for over $152 million.

Speaking to The Adviser earlier this month, John Kolenda, co-founder and chief executive of Finsure said that the transaction represented “a new and exciting chapter in the Finsure success story”.

“While Finsure has been growing strongly, the opportunity to be part of MA Financial Group, a larger and more diversified financial services group, will accelerate Finsure’s ability to grow its presence in the Australian financial services market,” he said.

Mr Kolenda later added that the aggregator is “uniquely positioned as a scalable, technology-enabled platform” with a differentiated service proposition to become “one of the most powerful pieces of financial infrastructure in the Australian residential mortgage market”. 

“MAF can support Finsure in this journey through its access to capital, credit & lending capabilities and technology expertise,” Mr Kolenda said. 

[Related: Finsure locks exclusive partnership with smart home insurance provider]