Covercy is a secure, simple and cost-efficient service which enables businesses and individuals to transfer money abroad at guaranteed rates. 

The company was established in 2015 and after joining the Microsoft Ventures Accelerator, received its FCA regulation licence. Covercy has since grown rapidly, serving a wide range of clients from all over the world.

Covercy has created a digital system for processing transfers that provides more efficient pricing. To reduce the costs of conversion, SWIFT, correspondent banks and recipient fees, the company operates a network of bank accounts in various countries to send and receive payments. By utilising local accounts for handling ‘last mile’ transfer to and from customers, Covercy is able to reduce a significant portion of the costs incurred by traditional cross-border payments.