News - 10.07.2023

Convera Europe strengthens the Luxembourg payment sector

  • FinTech

Convera, a leading US B2B payments firm, has set up its European headquarters in Luxembourg after obtaining a licence from the CSSF as a payment institution at the beginning of May and a second MIFID licence a few weeks later.

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The American company Convera was created in 2021 when Goldfinch Partners and The Baupost Group took over the activities of Western Union Business Solutions (WUBS). Convera is one of the largest non-bank, B2B cross-border payments companies in the world, moving more than $175 billion for its clients in 2022. More than 30,000 business customers worldwide, including business owners, enterprise treasurers, financial institutions and funds, rely on their services to manage international payments and minimize currency risk.

The dual license granted by the Luxembourg regulator is linked to Convera’s two activities: facilitating international payments between companies, and hedging foreign exchange risk by leveraging technology, tailor-made integration and risk management expertise.

Convera Europe, led by Frederic Simon, controls the activities of the Group’s seven branches already active on the continent. Convera Europe is a major new player in the payment sector in the Luxembourg financial centre.