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Canadian fintech Linearsend has launched Revve 2.0, a rebuilt version of its cross-border payments platform that introduces a peer-to-peer currency marketplace, giving verified users greater control over the exchange rates at which they buy or sell currencies.
Revve P2P Puts Users in Control of Rates
The central feature of the upgraded platform is Revve P2P, a marketplace that allows users to create currency offers at rates they are willing to accept.
Rather than relying entirely on a rate determined by the platform, a user can list a currency for sale at a preferred rate. Another verified user can then accept the offer if the terms are attractive.
Once an offer is accepted, the transaction is secured while the trade is completed. Linearsend says sellers’ funds are held in escrow during pending trades, while listings expire when no buyer accepts them.
The model effectively introduces a marketplace structure into remittances, allowing users to participate more directly in determining exchange rates.
KYC at the Centre of P2P Trading
Because peer-to-peer transactions can create trust and counterparty risks, Revve requires users to complete full Know Your Customer (KYC) verification before they can participate in the marketplace.
Only verified users can be matched with one another, providing an additional layer of identity and transaction security.
Linearsend’s chief executive said the P2P feature was developed in response to users wanting greater control over how their money moves, rather than simply seeking faster transfers.
Revve 2.0 Goes Beyond Remittances
The P2P marketplace forms part of a wider rebuild of the Revve platform.
The updated service expands its payment infrastructure and introduces UK and European bank transfers, alongside changes to its wallets and account statements.
The platform also includes marketplace services covering areas such as airtime, bills and gift cards, broadening Revve’s role beyond simply sending money across borders.
Linearsend describes Revve as a platform designed to connect African diaspora communities with their home countries through cross-border payments and other financial services.
Targeting the Diaspora Remittance Market
Revve’s broader proposition is focused on people and businesses moving money between countries, particularly across the African diaspora.
Linearsend says its platform is designed around transfers between Canada, Nigeria and other African markets, while its current operations extend across multiple countries.
The company is positioning the revamped product as an integrated platform where users can send money, manage multiple currencies and access additional financial and payment services.
A Different Approach to Currency Exchange
Traditional remittance platforms generally determine the exchange rate offered to customers, leaving users with limited influence over the price at which their money is converted.
Revve P2P takes a different approach by allowing market participants to propose their own rates and wait for another verified user to accept.
That structure could give users more flexibility, although its success will ultimately depend on having enough buyers and sellers to create sufficient marketplace liquidity.
Trust Will Determine the Model’s Success
The introduction of P2P trading also presents a major challenge: trust.
Unlike conventional remittance transactions, where the platform largely controls the exchange process, a marketplace model relies on users being willing to transact with one another.
Revve’s use of KYC verification and escrow is therefore central to its attempt to address counterparty concerns.
For Linearsend, the bigger bet is whether users will embrace a remittance model that gives them greater control over pricing.
If adoption grows, Revve 2.0 could move Linearsend beyond the conventional remittance model and towards a broader cross-border financial marketplace, where users do more than simply send money they can exchange currencies, manage funds and access related services from the same platform.
