Published by The Talk Business
We speak to Doron Cohen, founder and CEO of Covercy. Founded in 2015 Doron aims to break the stranglehold the traditional banks have on the international business money transfer market, with 95% of payments around the world handled by big banks in this sector Covercy is looking to provide the platform that SMEs need for overseas transfers.
What exactly is your business and how does it help people?
SMEs are paying well over the odds for cross-border payments, due to unnecessary and hidden fees as banks have the market completely sewn up currently.
Covercy is here to provide certainty to the UK’s importers by offering its services, which are up to 80% cheaper than traditional banks. Unlike other competitors within this space, it also offers guaranteed rates, in real time to businesses, meaning they know exactly how much a transaction will cost, at first glance.
It is also a secure and reputable service which is licensed by the UK’s FCA as an Authorised Payment Institution, meaning all transactions it handles for businesses are completely protected and safeguarded. Also, cross border transactions can be tracked and traced in real time by a business owner, meaning complete peace of mind.
How did you come up with the idea for your business?…