Santander has discontinued international money transfer service PagoFX 15 months after its initial launch.
The High Street bank said the move was part of efforts to refocus PagoFX’s parent division, PagoNxt, on business-to-business payments.
PagoFX allowed consumers with a UK, Spanish or Belgian debit card to send money abroad via their smartphone, and competed with Wise, Revolut, Azimo, and WorldRemit.
The company had been running autonomously within Santander and employed over 50 people in Madrid, London, and Brussels.
PagoFX made several senior hires from several large technology companies while it was in operation, including Amazon, PayPal, and Intuit.
PagoFX had also recently expanded into Belgium and begun targeting the SME market.
The service is set to shut down on 30 November, and new customer registrations will close today.
The news comes after Paysafe last month appointed Chirag Patel, the Santander executive that oversaw the creation of PagoFX, to lead its digital wallets division.
"It has been decided to close the international money transfer service in the UK, Spain and Belgium," said a Santander spokesperson. "PagoFX’s technology and resources will be used to support the wider PagoNxt Group and its customer proposition."
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