Money transfer giant Wise has launched in Mexico as it seeks to tap into another multi-billion dollar market.
According to a survey commissioned by Wise from Edgar, Dunn & Company, Mexicans are this year alone projected to send over $27.9 billion in remittances globally.
The new service lets people send money from Mexico to over 40 currencies and 160 countries through a fully digital process using Wise's app or website.
The move into Mexico marks Wise's second foray into Latin America following Brazil, where the company has already issued two million international multi-currency cards and teamed up with Nubank.
Diana Avila Gonzalez, chief banking and expansion officer, Wise, says: "Mexicans with international needs require a service for sending money abroad that isn’t opaque, slow and expensive.
"Our expansion into Mexico marks an important milestone as more consumers in the region get access to innovative financial technology that aligns with their needs."