Unlimit and Unicâmbio join forces with enhanced Unimoney wallet. Source: Shutterstock..com

Unlimit has announced the partnership of its Banking-as-a-Service (BaaS) platform with financial services provider Unicâmbio, a foreign exchange bureau in Portugal and the foreign exchange agent of Western Union.

By leveraging Unlimit’s BaaS API solution, Unicâmbio will elevate the functionality, security, and user experience of its wallet product, Unimoney. A fast, simple and easily accessible application, Unimoney enables users to exchange currencies and send and receive money. Customers of Portugal’s oldest and largest foreign exchange bureau can expect newly streamlined digital transactions and a more seamless currency exchange experience.

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Portugal is an important hub for global remittance corridors, with millions of individuals regularly sending money to and from the country

According to data from the World Bank, Portugal received 1.3 billion dollars in remittances in 2023, a significant increase from the figures reported in 2022 (976 million dollars) and 2021 (776 million dollars).

This significant flow of cross-border transactions highlights the need for straightforward, efficient and reliable digital money solutions. Unimoney, powered by Unlimit BaaS, is uniquely positioned to address this demand.

Jovi Overo, Managing Director of Unlimit BaaS, said: “In today’s fast-paced digital world, seamless and secure financial transactions are paramount. Our partnership with Unicâmbio underscores our commitment to innovation and excellence in financial technology. Together, we’re creating a future where financial services are more accessible, efficient and user-centric.”

With cross-service integration and a rapidly scalable network, Unlimit’s BaaS solution will empower Unimoney to continue its impressive growth, broaden its existing offering and adapt to user demands without sacrificing performance.

Adriana Jerónimo, Board Member of Unicâmbio, stated: “This partnership with Unlimit is a significant step for Unicâmbio and our customers. Through the implementation of the BaaS solution, we can offer a more secure and efficient user experience, allowing us to maintain our leading position in the foreign exchange market in Portugal. We are excited about the new possibilities this collaboration will bring.”