LumoXchange, a financial technology payments company, announced on Wednesday the launch of the world’s first currency exchange marketplace. The announcement was made at the Little Rock Regional Chamber, where Gov. Asa Hutchinson and Little Rock Mayor Mark Stodola both attended and spoke.
The online platform allows users to compare exchange rates and send money abroad, making it the first of its kind. “Just like shopping for the best-priced hotel room on Hotels.com, you can compare the exchange rates and convert your payment to local currency while saving up to 50 percent on fees versus the competition,” said Maf Sonko, LumoXchange’s founder and chief executive officer.
Being an immigrant to the U.S., Maf Sonko said he understands the lack of transparency and expensive costs people experience when trying to send money abroad. Therefore, he has made the goal for the company to be as transparent as possible while also providing lower costs when sending money abroad. “We are sending love worldwide,” said Sonko.
The online platform will allow users to transfer currency in Gambia, Ghana, Mali, Nigeria and Senegal. Later this year, the company plans to add payments to the Philippines. The company is also partners with Searcy-based First Security Bank.
LumoXchange was a part of the initial FinTech accelerator program in 2016, which involved 10 startup companies. The companies were trained and assisted in Little Rock by Fidelity National Information Services Inc., also known as FIS. At the conclusion of that first program, Sonko decided to move his headquarters back to Little Rock. Before making its home in Arkansas, LumoXchange was formerly based in Atlanta and Geneva.
The company plans to be up in running in every state of the U.S.; however, they must get a payments licence in every state. They currently have licenses in Arkansas, Washington, New Jersey, Georgia and Illinois.