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Cinkciarz.pl sets sights on Polish migrants to expand abroad

Author: Reuters.com
Address: http://www.reuters.com/article/poland-cinkciarz-expansion
Published: 07.12.2015

  • Cinkciarz.pl is dominant Polish online FX exchange service
  • Plans to enter cash transfer market
  • To start offering services in U.S. in early 2016
  • Sees 2015 revenue at $2.5-2.75 bln

WARSAW, Dec 7 Having come to dominate its local online currency market, Poland's Cinkciarz.pl plans to take advantage of the number of Polish migrants living in the United States and western Europe to gain a foothold in the international remittance sector.

"We plan to launch our services for U.S. citizens in the first quarter of 2016," Piotr Kicinski, deputy chief executive of Cinkciarz.pl, whose name is slightly derogatory in Polish and refers to the crafty street traders who commonly exchanged currencies in the Communist era, told Reuters.

The company and its Conotoxia foreign arm signed a sponsorship deal with U.S. NBA team the Chicago Bulls, seeking to raise their profile before entering the money transfer and payment services markets in the United States.

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