Analysis

June 15, 2020

PagoFX — Can a bank really build its own fintech?

Banks have had patchy success with building their own fintech brands, but Santander is pushing ahead aggressively with its money transfer app PagoFX. This is how it aims to succeed where peers have failed.


Maija Palmer

7 min read

Santander launched PagoFX, its own money transfer rival to TransferWise, this spring, amid the turmoil of the coronavirus pandemic and just as other incumbent banking experiments, such as Royal Bank of Scotland’s Bó, were being shut down.

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Cedric Menager Pago FX
Cedric Menager: Transaction amounts are higher than expected.
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