https://innovateuk.blog.gov.uk/2016/07/26/meet-our-customers-tramonex/

Tailored foreign exchange (FX) payment solutions for SMEs

We offer tailored foreign exchange payment solutions

At Tramonex, we specialise in offering tailored foreign exchange (FX) payment solutions for SMEs and Mid-caps with international business operations focused in the emerging markets. We essentially provide competitive FX rates and services delivered through a user-friendly app.

Operating from our headquarters in London, arguably the leading fintech hub of the world, we offer users access to our free global platform. Once registered, users are able transact currency in just a matter of clicks or simply benchmark rates with no obligation to trade.

Established in 2013, we were keen to fill a clear market gap for competitive FX solutions for SME/Mid-Caps operating in the rapidly growing emerging market sector.

Our competitive advantage: industry know-how and innovative fintech

Founded and managed by ex-tier 1 global bankers, Tramonex benefits from a combination of:

  • 50+ years of on-the-ground experience in foreign exchange
  • banking technology in both developed and emerging markets
Tramonex CTO, Dave Askey, presenting at the LBS Hackathon
Tramonex CTO, Dave Askey, presenting at the LBS Hackathon

This has allowed us to leverage our industry know-how and network to access competitive rates on behalf of our clients - rates typically reserved for large corporations by banks.

In turn, clients can take advantage of cost-saving and innovative solutions to improve cash flow, profitability and thus protect long-term growth.

Our guiding tech principle is to ‘automate everything’

Being a technology driven start-up, our guiding tech principle is to ‘automate everything’.

We have always been keen to remain on top of latest innovations in the field as well as explore unmarked territory.

Blockchain ledger technology is one of the most exciting fields in computer science today so it comes as no surprise that we are currently developing FX systems based on this technology as an extension to our core FX business. This will facilitate greater levels of automation and process efficiency.

We see distributed ledgers as a necessary step for an instant-settlement market to supplement the existing payment industry. With our new prototype we expect significant efficiencies to be realised in both the cost and speed of transfers.

Applying blockchain ledger technology in a regulated environment

What makes our research pioneering is our application of this technology to FX transactions in a completely regulated environment. In such a regulatory-driven industry, this is key for the possibility of any real application to become mainstream in the future.

Competitive grant reduced risk of R&D and validated our project

Tramonex CTO, Dave Askey, on the LBS Hackathon panel
Tramonex CTO, Dave Askey, on the LBS Hackathon panel

In April, 2016 we were awarded a grant by Innovate UK to study the application of blockchain to our specialist area - FX trading. We were attracted by the match-funding model offered.

We looked at various funding options and Innovate UK was the option that made sense for us.

Research and development is very expensive for a start-up company, which also makes it a very risky proposition. The grant awarded by Innovate UK reduced this risk and let us focus on the actual technology rather than worry about accounting and share dilution.

Another benefit is that the application process is similar to a ‘competition’ where only the most promising projects get funded. This provided a level of validation for us on our ideas.

Focusing on building the financial company of the future

We plan to continue growing the core FX business through client acquisition and tapping into under-served markets.

We also plan to enter new markets with the blockchain offerings that we are developing and find opportunities for cross-selling to existing clients.

At the current rate, this translates to new job creation and revenue growth. With more funding we can add additional staff and the growth rate may be accelerated, but we also have to be careful not to overshoot.

Selling out to a global conglomerate like Google is not something that we are currently thinking about. We'd much rather focus on building the financial company of the future.

Contact us

For anyone that would like to get in-touch to find out more please reach out to us at:

You can follow Innovate UK on: