BBVA Launches a New Money-Transfer App, Tuyyo

BBVA Launches a New Money-Transfer App, Tuyyo

BBVA, Spain`s second-largest bank that acquired mobile banking start-up Simple for $117 million in 2014, is now launching a new app called Tuyyo.

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BBVA, Spain`s second-largest bank that acquired mobile banking start-up Simple for $117 million in 2014, is now launching a new app called Tuyyo.

As claimed on their website, the app is a convenient way to send money from the USA to Mexico. Tuyyo is available on iOS and Android and is focusing on the Latin American and Caribbean regions, with a special focus on the US to Mexico corridor.

According to BBVA, this corridor sees over $27 billion flowing between the two countries annualy. Moreover, the average amount sent by workers in the US is about $1,900 per year, as the bank commented.

Tuyyo launches in a quite competitive environment, where rivals like fintech unicorn TransferWise, Remitly, WorldRemit, Western Union, PayPal`s Xoon, and others, are currently taking the lead.

BBVA is announcing their new app in an effort to reinvent themselves as a digital business. As Francisco González, BBVA’s executive chairman since 2000, told The Economist, the technology company leaders like Amazon, Google and Facebook will soon be the banks` main competitors. As he added, “the digital world doesn’t allow many competitors”.

To adapt to the changing ecosystem, the bank is focusing on what customers see “above the glass” of their smartphones and on the internal processes below it. “At the end of the day, we won’t be a bank any more, but a digital house.”, as he said in an interview with the online media.

BBVA has previously acquired Maldiva Solciones, a Spanish start-up specializing in services based on big data and cloud computing in December, 2014.

“If one bank is truly betting on innovation today that is BBVA.”, as the CEO of Madiva,  Juan José Divassón said at the time as quoted by the bank`s press release.

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