A peer-to-peer lending app is teaming up with
On Wednesday, Zirtue, an app that lets people make loans to friends and family, announced that borrowers could now retrieve their funds at participating MoneyGram locations. Previously, users had to link a bank account or debit card to request a loan or receive funds.
"As we work to uncover more innovative ways to provide value for underbanked communities around the world, we're excited about our new partnership with Zirtue," said Luther Maday, head of fintech strategy and innovation at MoneyGram, in a release.
This is the first partnership of its kind for Zirtue, although Dennis Cail, co-founder and CEO of the company, said via email that others are in the pipeline that will give users more options for lending and borrowing with Zirtue. Zirtue, which launched in the U.S. in 2020, also plans to expand globally in 2024.
On its end, "Partnering with some of the world's leading fintechs is instrumental to MoneyGram's growth strategy," the company said via email.
For example, in March, MoneyGram announced a partnership with Lynk, a mobile wallet in Jamaica, that lets Lynk users receive cross-border payments to their smartphones. In November 2022, MoneyGram announced a relationship with Bahrain-based super app Beyon Money to enhance its international remittance capabilities. MoneyGram also works with brands including TikTok to help them disburse funds to clients.
Zirtue adds a 3% to 5% service fee to total loan amounts, which the borrower repays to the lender based on the repayment schedule they set. Using MoneyGram will not incur any additional fees for the users.
