San Francisco startup Wyre Inc, a cross-border payments firm, has acquired a Beijing-based platform, Chief Executive Michael Dunworth told Reuters on Tuesday, in what he said was the first acquisition by a US company of a Chinese blockchain business in the corporate payments space. Wyre's purchase of Remitsy strengthens the US firm's push into the $500 billion US-China business payments market.
Dunworth declined to discuss terms of the cash and equity deal. Negotiations started in February, he said. When Remitsy is fully integrated, US-China business payments will be processed in a few hours, Dunworth said in an interview. Currently, payments are completed within three to five business days using other payments processors, he said. "We're focused on payments that are fast as email going bank to bank, and to other payments platforms."