The deal is framed around a specific gap in the Canadian market: small businesses have historically lacked the transaction volumes required to negotiate competitive exchange rates or access the kind of payment infrastructure available to larger corporates. RemitBee, which has been regulated by FINTRAC as a money services business since its founding in 2015, is positioning the partnership as a way to democratise enterprise-grade payment rails for SME use cases including supplier payments, freelancer payouts, remote payroll and remittances.

Manos Yoganathan, chief operating officer of RemitBee, said: “Canadian small and medium-sized businesses often lack the transaction volumes to negotiate favorable exchange rates and face delays in cross-border payments. By partnering with TerraPay, we’re advancing our vision of making enterprise-grade payment infrastructure accessible to these businesses.”

Canada’s outbound cross-border payments market is commercially significant. More than 90 per cent of employer businesses in the country are classified as small businesses, according to Innovation, Science and Economic Development Canada. That concentration of SMEs, combined with a diaspora population driving personal remittances, makes Canada an attractive corridor anchor for payments infrastructure providers. Global personal remittance flows to low- and middle-income countries reached approximately $704 billion in 2025, according to World Bank data cited in the release, a figure that illustrates the scale of the underlying demand.

TerraPay’s role in the partnership is to supply last-mile connectivity, particularly into digital wallets, a segment where traditional correspondent banking has the least reach. The company’s Xend network, which it describes as a wallet interoperability platform, is the mechanism through which those wallet payouts are routed.

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