Spanish bank BBVA launches money transfer app Tuyyo, initially focused on U.S. to Mexico remittances

BBVA, Spain’s second-largest bank that snatched up mobile banking startup Simple for $117 million back in 2014, is now entering the mobile money transfer business with today’s launch of a new app called Tuyyo.

Cross border remittances is super expensive from a compliance + regulatory standpoint, low margin (race to bottom for pricing), and competitive due to large incumbents. Will be interesting to see how BBVA leverages existing infrastructure, ATM withdrawal is potentially competitive against Western Union's network.


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