TransferGo takes embedded payments to UK users with Tink deal

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TransferGo and Tink have entered a UK-facing partnership in a move indicative of the growing popularity of embedded payments.

The former, a global fintech, will integrate TInk’s Pay by Bank solution into its UK offering. Pay by Bank is an embedded payments tool backed by Open Banking which allows users to transfer directly from their bank accounts.

TransferGo’s offering focuses on making international money transfers simple, quicker and lower cost. The firm aims to bolster this objective by lowering data entry fees and reducing directions via the Tink integration.

“Our mission is to create a fairer world for global citizens,” said Simon Moran, Chief Commercial Officer at TransferGo.

“Providing a simple, affordable and secure way to send money internationally, Pay by Bank by TransferGo helps bridge the gap for individuals who may have previously been excluded from accessing or participating in financial services.”

“With the Tink partnership, we can offer a trustworthy, secure, and speedy solution, making international payments easier and creating more favourable conditions for global financial inclusivity.”

Embedded finance is becoming increasingly common in the fields of banking and payments in recent years. This partnership is indicative of the growing adoption of the practice. 

In a report published last month, Juniper Research projected that embedded finance methods will generate revenue of $228.6bn by 2028, marking growth of 148% from $92.2bn in 2024.

Meanwhile, from an operational perspective, the partnership with TransferGo marks the continuation of an active year for Tink. The Stockholm-based company has closed deals with the likes of Splitwise, Payop and Micropayment this year so far.

Ian Morrin, Head of Payments and Platforms at Tink, commented: “Pay by Bank is one of the most frictionless ways to pay online. There is an enormous opportunity for Pay by Bank to make a tangible difference to those sending money internationally as it offers a simple way for customers to transfer money more securely, quickly and at low-cost.

 “At Tink, we have always aspired to make financial services more accessible by providing consumers with the most innovative payment solutions. 

“Partnering with TransferGo, we can support them in their mission to remove barriers for their customers by offering a payment method that improves and simplifies the transfer of money; this is another step towards changing financial services for the better.”