Table of Contents
- Visa deal to enable faster cross-border payments
Shares in CAB Payments rose on Thursday as the group revealed a cross-border payments collaboration with Visa.
The fintech firm, which listed on the London Stock Exchange last summer, said the deal would help enable “fast, efficient and reliable” payments and currency exchanges, especially in the complex “last mile” stage of a payments process.
CAB customers, such as charities, will be able to transfer much lower value payments across emerging markets cost-effectively and settle those payments directly into an eligible card, account or wallet.
Collaboration: CAB has partnered with Visa to enable faster cross-border payments
“Historically, making these types of low-value payments in emerging markets has been challenging due to the additional costs incurred in jurisdictions that regulators consider to be higher risk,” the group said.
CAB CEO Neeraj Kapur added: “This collaboration is very important for our clients. Our combined capabilities and experience mean we can reduce the cost and friction associated with moving money through hard-to-reach markets – enabling more funds to be delivered more efficiently to those who need them most.”
CAB Payments Shares rose 5.8 percent to 114.7 pence in early trading.
However, they are still well below their initial public offering price of 335 pence.
This follows a single-day drop of more than 72 percent in October 2023, when CAB warned that currency volatility, particularly against the Nigerian naira, would weigh on earnings.
London-based CAB specializes in providing foreign exchange services and processing payments between developing countries.
It all began in 2016 when private equity investor Helios Investment Partners acquired the financial services divisions of Crown Agents Bank, which was originally established in 1833 to acquire goods and services for colonial administrators.
Last month, Kapur told investors that CAB expects a stronger second half thanks to the “initiatives and actions we are taking to build a more sustainable, diversified and growing business over the medium term.”
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