Truzo’s launch in the UK means it can now make transactions between the two countries “safer and more reliable”. The firm estimates South Africa and UK bilateral trade to be worth more than £10 billion as of 2022.
Truzo operates a web and app-based escrow platform for businesses of all sizes, allowing them to transact goods and services and receive and make payments on time.
It claims its platform provides fraud and scam protection, as well as a “significant” reduction in administration. While it focuses on digital escrow, Truzo also provides features such as multi-currency digital wallets, remittances, payments, and receipts.
By digitizing and removing the high fees associated with letters of credit and currency conversions, Truzo claims it reduces trading costs between the UK and South Africa.
Truzo is supported by the UK’s Department of International Trade’s global entrepreneur programme and has also partnered up with Currencycloud for cross-border payments.