CurrencyFair, the fintech firm based in Dublin, reported a loss of over €4.2m for 2020, down from its nearly €6m loss the previous year.

In its financial results for 2020, released last week, CurrencyFair said turnover had fallen marginally to €8.7m, down from nearly €9.2m in 2019. The company’s reserved loss at the end of December 2020 hit €37m, up from almost €32.8m at the beginning of the year.

Last week, CurrencyFair announced its merger with Australian fintech company Assembly Payments had received regulatory approval. It launched Zai, replacing the Assembly Payments brand as it moves beyond domestic and FX payments to provide a suite of broader financial services to consumers and businesses globally.

Speaking about the merger, Paul Byrne, CEO of Zai and CurrencyFair, said the brand would build on the success of both Assembly Payments and CurrencyFair.

“Zai will continue our focus of being resolutely customer-centric, solving problems and adding value around our five core capabilities – payments, global payment accounts, supporting our partner ecosystem, lending and settlement, and payment services – addressing myriad growth opportunities in the $2 trillion revenue market for payments.”

Assembly Payments and CurrencyFair merged to form Zai supported by investment from SC Ventures, the innovation, ventures and fintech investments unit of UK-based financial services giant Standard Chartered.

Last month, the Sunday Independent reported CurrencyFair received an investment of $35m from Standard Chartered earlier this year.

CurrencyFair announced the investment and merger in April 2021.

Zai expects to grow from its current 170 employees to around 450 by 2025.

Alex Manson from SC Ventures said Zai would provide its customers with the “building blocks to launch their online propositions” without complexities associated with payments.