Sila Partners With Corpay to Improve Global FX Capabilities

Rhea-AI Summary

Sila Inc. has announced a partnership with Corpay, enhancing its cross-border payment capabilities. This collaboration will give Sila's customers access to over 145 currencies across more than 100 countries, facilitating smoother transitions between domestic and international transactions. Andrew Howlett from Corpay noted the growing demand for these services, while Sila's CEO, Shamir Karkal, emphasized the importance of tailored financial solutions for entrepreneurs. The global cross-border payment market is poised for significant growth, with flows expected to reach US$156 trillion in 2022.

Positive

• Partnership with Corpay enhances cross-border payment capabilities.
• Access to over 145 currencies in 100+ countries improves service offerings.
• Growing demand for global payment solutions indicates market potential.

Negative

• None.

PORTLAND, Ore.--(BUSINESS WIRE)-- Sila Inc., a fintech software platform that provides payment infrastructure as a service, today announced that it partnered with Corpay, a FLEETCOR brand that provides integrated cross-border payments and currency risk management solutions. This partnership will expand Sila’s cross-border payment capabilities and access to global FX markets for its customers by providing them with access to 145+ currencies in over 100 countries. Customers will be able to seamlessly move between domestic and international payment options even more so than before.

“As Sila has continued to grow, they have experienced increased demand from customers for the expanded global payment capabilities that Corpay provides,” said Andrew Howlett, Strategic Partnerships Manager, Corpay Cross-Border Solution. “Our reach in both geographies as well as currency pairs is expansive and will serve Sila’s customers well.”

“Sila’s main goal has always been to provide entrepreneurs with the tools to realize their vision and build a successful business - more often than not with an international component. Corpay with its depth and reach in facilitating cross-border payments can be the perfect partner for our customers’ needs.” said Shamir Karkal, CEO and co-founder of Sila, Inc. “We see a lot of innovation from companies - particularly the ones focusing on emerging markets - that rely on phones and online apps, rather than bank accounts and ATMs, to enable cross-border transactions. Through partnerships like this one, Sila feels well prepared to help those companies succeed.”

Added Karkal, “There is no one-size-fits-all in fintech. Providing entrepreneurs with a choice of best-of-breed service providers best suited to solving their bespoke problems is invaluable. For that reason, Sila has been building an extensive partnership network. I am very proud that Corpay is joining this effort. Our customers will benefit from it.”

Global cross-border payment flows are expected to reach US$156 trillion in 2022 according to a study by EY. While traditionally managed by banks or money transfer operators, innovative fintech companies are stepping in and can provide cheaper, faster, more transparent alternatives. This is especially true in transactions that involve exotic currencies with limited liquidity. Fueling that development is the fact that more and more people use their mobile phones to access banking and e-payment solutions, particularly in emerging markets. All these factors point to a huge potential to redistribute market share between incumbents and new entrants in cross-border and remittance payments.

About Sila

Sila is a fintech software platform that provides payment infrastructure as a service, a business-critical element for all companies that need to integrate with the US banking system and blockchain quickly, securely, and in compliance with applicable US regulation. Sila offers Banking, Digital Wallet & ACH Payments APIs for Software Teams. The firm was recognized as a ‘2021 best place to work in financial technology’. Sila is headquartered in Portland, Oregon. For more information go to www.silamoney.com

About Corpay

Corpay is a global leader in business payments, helping companies of all sizes better track, manage and pay their expenses. Corpay provides customers with a comprehensive suite of online payment solutions including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the largest commercial issuer of Mastercard in North America, Corpay handles over a billion transactions each year. Corpay is part of the FLEETCOR (NYSE: FLT) portfolio of brands. To learn more visit www.corpay.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005058/en/

Sila

Ty Beckmann, ty.beckmann@silamoney.com, Tel 971 245 2949



Corpay

Brad Loder, VP, Cross-Border Marketing, brad.loder@corpay.com, Tel 647 627-6635

Source: Sila

FAQ

What is the significance of Sila's partnership with Corpay for stock symbol FLT?

The partnership enhances Sila's cross-border payment capabilities, allowing access to 145+ currencies and over 100 countries, which could positively impact FLT's market position.

How will Sila's customers benefit from the new partnership with Corpay?

Sila's customers will gain improved access to international payment options and currency management solutions.

What market potential is highlighted by Sila's recent press release?

The press release notes that global cross-border payment flows are expected to reach US$156 trillion in 2022, indicating substantial growth potential.

How does the partnership between Sila and Corpay affect fintech services?

The partnership enables Sila to provide better cross-border payment services to entrepreneurs, particularly those focusing on emerging markets.