RemitBee, the Mississauga-based cross-border payments platform, has entered a partnership with London-headquartered TerraPay to extend international payout capabilities for Canadian small businesses and individual senders. The integration gives RemitBee’s customers access to TerraPay’s network, which spans 7.5 billion bank accounts and 3.7 billion digital wallets across more than 156 countries, with outbound corridors covering the United States, Asia, the Middle East and Africa.
The deal is framed around a specific gap in the Canadian market: small businesses have historically lacked the transaction volumes required to negotiate competitive exchange rates or access the kind of payment infrastructure available to larger corporates. RemitBee, which has been regulated by FINTRAC as a money services business since its founding in 2015, is positioning the partnership as a way to democratise enterprise-grade payment rails for SME use cases including supplier payments, freelancer payouts, remote payroll and remittances.
Manos Yoganathan, chief operating officer of RemitBee, said: “Canadian small and medium-sized businesses often lack the transaction volumes to negotiate favorable exchange rates and face delays in cross-border payments. By partnering with TerraPay, we’re advancing our vision of making enterprise-grade payment infrastructure accessible to these businesses.”
Market context
Canada’s outbound cross-border payments market is commercially significant. More than 90 per cent of employer businesses in the country are classified as small businesses, according to Innovation, Science and Economic Development Canada. That concentration of SMEs, combined with a diaspora population driving personal remittances, makes Canada an attractive corridor anchor for payments infrastructure providers. Global personal remittance flows to low- and middle-income countries reached approximately $704 billion in 2025, according to World Bank data cited in the release, a figure that illustrates the scale of the underlying demand.
TerraPay’s role in the partnership is to supply last-mile connectivity, particularly into digital wallets, a segment where traditional correspondent banking has the least reach. The company’s Xend network, which it describes as a wallet interoperability platform, is the mechanism through which those wallet payouts are routed. Several competing infrastructure providers, including Thunes and Nium, operate in broadly similar territory, offering single-connection access to multi-corridor payout networks for fintechs and payment operators. The competitive differentiation in this space tends to rest on the depth of wallet coverage in specific corridors, pricing transparency and the regulatory footprint of the infrastructure provider in receiving markets.
Regulatory path
Regulatory compliance is a stated priority for both parties. RemitBee’s FINTRAC registration covers its Canadian operations, and TerraPay emphasises its regulated status across multiple markets. Cross-border money movement into digital wallets is an area of active regulatory interest: the Financial Action Task Force has updated guidance on virtual asset service providers and wallet providers in recent years, and corridors into the Middle East and Africa carry additional compliance considerations given the concentration of mobile-money platforms operating under varied licensing regimes. For SME-facing operators, the ability to demonstrate clean compliance trails across corridors is becoming as commercially relevant as price.
The partnership does not include disclosed commercial terms or a go-live transaction volume target. The near-term markers to watch are the specific wallet networks activated within the TerraPay integration, uptake among RemitBee’s existing SME customer base, and whether the partnership extends into inbound Canadian corridors over time.
The post RemitBee and TerraPay Link Canadian SMEs to Digital Wallets appeared first on The Fintech Times.