Eliminating the hidden costs facing SMEs who make international money transfers

Published by The Good Web Guide


Covercy eliminates the hidden costs facing SMEs who make international money transfers and is licensed by the UK’s Financial Conduct Authority (FCA) as an Authorised Payment Institution. The FinTech startup closed a $1.5 million (£1.1 million) funding round led by venture capital firm SGVC earlier this year.

Doron Cohen, CEO of Covercy, founded the company in 2015 to break the stranglehold the traditional banks have on the international business money transfer market (with 95% of payments around the world handled by them in this sector). During his days as a co-founder and co-CEO of Leverate, a leading forex technology provide, he experienced how expensive the SWIFT international payments network was. Unlike others, coming from the FX world, he knew that it could be done differently – and Covercy was born.

I/we came up with the idea when… During my days at Leverate, a leading foreign exchange (FX) technology provider, I saw how expensive the SWIFT international payments network was and felt things had to change. Unlike other competitors within the cross-border transaction space, I came from the FX world and knew that it could be done differently, so I decided to set up Covercy as a beneficial option for businesses, especially SMEs and startups, where every penny saved counts!

The biggest challenge is… Delivering a customer centric user interface that enables our customers to make payments seamlessly, despite the regulatory hurdles we face…