Published by Edison TV
Covercy is a private company that provides an online international bank-to-bank transfer service, with a focus on commercial transactions, typically ranging from $1,000 to $50,000 per transaction, paid to or by small and medium-sized enterprises. It harnesses peer-to-peer technology to allow cross-border transfers via an efficient, easy-to-use, secure and low-cost method. For example, clients in the UK already save an average 73% on their SWIFT and exchange bank fees by using Covercy’s services. Covercy is regulated as an Authorised Payment Institution by the UK FCA, (which allows it to operate across the EU), as well as a currency services provider by the Israeli Ministry of Finance. Founded in 2015, headquartered in the unique technology hub of Tel-Aviv, Israel, and with a London office, Covercy currently has double digit month-on-month transaction volume growth.
In this webcast, CEO Doron Cohen discusses Covercy’s development in the financial services sector and how the business model compares to traditional international remittance companies and newer digital-only companies. He describes the benefits of Covercy’s participation in the Microsoft Ventures programme and its impact on the company. Doron concludes by detailing the key milestones, challenges ahead and why investors should be following the company.