Luno has acquired GTXN as it expands its cross-border payments capabilities between developed and emerging markets. Financial details were not disclosed.
The deal brings GTXN’s collection and payout infrastructure into Luno’s operations, allowing businesses to move funds through one provider rather than relying on several banks and intermediaries.
Transactions will run over infrastructure within the group and settle against Luno’s liquidity. Luno expects this to reduce processing steps and settlement times.
Cross-border payments often rely on correspondent banking networks, where intermediary banks can add fees, foreign exchange conversions and compliance checks.
Following the acquisition, GTXN will serve as Luno’s cross-border payments capability across its markets.
GTXN is led by CEO Dan Kleinbaum, who previously co-founded African mobile money platform Beyonic before its acquisition by Onafriq in 2020.
Featured image: Edited by Fintech News Singapore, based on images by GTXN, and kensing via Magnific
