ACE Money Transfer
“Can a diaspora remittance company become the full financial OS for migrant workers by layering an EMI-licensed neobank and card on top of its corridor network?”
Founded2002
HQManchester, United Kingdom (One Portland Street, Manchester, M1 3BE)
IndustryFintech / Cross-border payments
The story
ACE Money Transfer began in 2002 as a single-location remittance shop in Bolton, UK serving South Asian diaspora corridors. Two decades on it has scaled to 1.3M customers and 350,000+ payout locations across 100+ receive countries while holding APIs/registrations with the FCA, AUSTRAC and FINTRAC. The strategic shift is the 2024–2025 launch of ACE Union, an EMI-licensed all-in-one consumer financial app with a Checkout.com-issued card — moving ACE from pure remittance to a diaspora-focused neobank.
Product timeline
2002
Founded as a small money remittance shop in Bolton, UK· pivot
2018
Partnered with Checkout.com for card acquiring to power money-transfer funding· banking
2022
Added Google Pay as a funding method across UK, Europe, Canada, Australia· banking
2025
Launched ACE Union — EMI-based all-in-one app with online banking and a card, powered by Checkout.com Issuing· card
2025
Announced collaboration with Mastercard Move for near real-time cross-border payouts· banking
2025
Integrated India's UPI rail for instant UK-to-India transfers· banking
2026
Strategic partnership with Askari Bank to expand Pakistan payout coverage· banking
Regulated entities
4
regulatory licences held by ACE Money Transfer
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in ACE Money Transfer’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Unified APIs
in the full report
FX & payouts
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.