Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement, today announces a collaboration between its cross-border payments and foreign exchange risk management division, Western Union Business Solutions, and October, European Fintech leader in lending platforms for small and medium enterprises (SME).
“This new collaboration will enable our clients to access personalized financing solutions to strategically grow their businesses internationally with an alternative solution beyond their traditional bank. Teaming up with October strengthens our benefits to customers,” Frédéric Simon, vice president Europe at Western Union Business Solutions said.
The partnership leverages the value propositions and expertise of both organizations, to allow our customers to benefit from a wider suite of products. Clients of Western Union Business Solutions should now have direct access to October’s credit offerings, including nearly 16,000 lenders through Europe’s number one SME lending marketplace. An alternative to the traditional banking system for financing, they should be able to benefit from loans ranging up to €30,000 to €5,000,000, financed by a large community of private and institutional lenders. Companies already funded on October will benefit from Western Union Business Solution’s expertise in cross-border payments and take advantage of the knowledge of specialists in foreign currency transactions and currency risk management.
“Financing business development is our core business, especially when they decide to export or internationalize their operations. Western Union Business Solutions is a natural partner to offer our service. We are delighted to start this collaboration in France and Italy,” said Olivier Goy, founder and CEO of October.
This partnership between Western Union Business Solutions and October is currently available in France and Italy and is expected to expand to other European countries in the future.
For organizations seeking a partner to optimize cross-border payments, Western Union Business Solutions equips you with the solutions you need to send, receive, and manage international payments. Our extensive global network, spanning 200 countries/territories and 130 currencies, combined with our knowledge of local markets enables you to manage international payments simply, effectively and efficiently.