WallX Innovation Incorporated

What WallX Innovation Incorporated does

WallX Innovation Incorporated is a privately held Canadian fintech operating as a licensed Money Service Business (MSB Registration No: 22718986) under FINTRAC oversight. Headquartered in Kitchener, Ontario, the company delivers FaasPay, a mobile-first cross-border payment platform that enables money transfers between North America and Africa without requiring senders or recipients to share personal banking details. The core technology is the proprietary PayCode system — encrypted, single-use payment codes generated within the app that route funds through integrated partners including Interac for North American rails and Flutterwave for African local-currency settlement, with KYC/AML verification handled via Veriff and Equifax.

The company's revenue model is transaction-fee-based, charging on international money transfers and payment processing for merchants receiving international payments. Settlement in local African currency is offered with stated zero processing fees for some transactions, while transfer-side fees apply. The GTM is hybrid: a self-serve consumer mobile app (iOS and Android) drives adoption among individual users and micro-businesses such as artisans, dress designers, and craftspeople, while a recently launched enterprise field-sales motion targets Fortune 500 companies and SMBs in North America for B2B vendor-payment and bulk-settlement use cases. The company maintains a four-office footprint spanning Kitchener (HQ), Toronto (operations), New York (US regional), and Lagos (African regional), and currently has four open positions across Customer Support, B2B Sales, Product Specialist, and Risk & Compliance.

Name

WallX Innovation Incorporated

Legal name

WallX Innovation Inc.

Website

https://faaspay.ca

Company type

Private

Operating status

Operating

Ownership category

akta.pro rank

Product category

Cross-Border Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH)

akta.pro secondary industries

International Bill Pay & Cross-Border Airtime/Top-Up (FSAGAKAM), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

Keywords

• Cross-border payments
• Remittance services
• Mobile payment app
• Payment infrastructure
• Money transfer services

Headquarters

HQ city

Kitchener

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. International Money Transfer Fees: FaasPay charges fees for international money transfers from North America to Africa. The platform processes payments securely using encrypted PayCodes and settles funds in the recipient's local currency.
2. Payment Processing Services: Revenue generated from processing secure payments and transactions between customers and merchants, particularly for African businesses receiving international payments.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

WallX Innovation operates FaasPay, a mobile-first cross-border payment platform that connects North America and Africa using a proprietary PayCode system. The platform enables individuals, micro-businesses, and enterprise clients to send and receive international payments in under five minutes without sharing personal banking details, with funds settled in local African currencies via Flutterwave.

Product overview

WallX Innovation Incorporated offers FaasPay, a unified cross-border payment platform connecting North America to Africa. The core product, FaasPay, enables international money transfers through its proprietary PayCode system, allowing users to send and receive payments without sharing personal banking details. The platform is available via mobile app (iOS and Android) and serves both business and personal users, with a focus on African market payments.

Differentiator

Problem solved

Functional benefit

Products and services

• FaasPay FaasPay is a cross-border payment platform enabling seamless international money transfers between North America and Africa using secure PayCode technology. It facilitates business and personal payments without requiring personal banking details, with funds settled in recipient's local African currency in seconds. The platform serves both individual consumers and businesses needing cross-border payment infrastructure.

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• InteraccoreTechnology or IntegrationPayment network integration for processing Interac transactions, enabling secure payment processing capabilities within the FaasPay platform.
• FlutterwavecoreTechnology or IntegrationAfrican payment infrastructure provider powering payment processing and settlements in African currencies, enabling FaasPay to offer local currency settlements across Africa.
• VeriffcoreTechnology or IntegrationIdentity verification service provider used for KYC/AML compliance, handling document verification and biometric checks for user identity validation.
• EquifaxcoreTechnology or IntegrationCredit and identity verification service used for KYC compliance, providing Single or Dual source verification methods and government document scanning for identity validation.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Paystack: African online payments processor (owned by Stripe) enabling merchants to accept international and local payments. Adjacent in the Africa-side stack and a potential alternative or competitor to the Flutterwave integration underlying FaasPay's settlement.

Direct peers

• Payoneer: Cross-border payments platform widely used by SMBs and freelancers to receive international payments. Direct overlap with FaasPay's 'North American Businesses paying African suppliers/merchants' segment and global settlement capabilities.
• Sendwave: Mobile-first remittance app purpose-built for Africa-bound transfers from North America and Europe. Same target customers, same PayCode-like mobile UX, and significant corridor overlap with FaasPay's North America → Africa focus.
• Wise (TransferWise): Public cross-border payments company offering multi-currency transfers and local settlement. Competes for the same North American SMB/consumer sending remittances to emerging markets and overlaps on the multi-currency settlement value proposition.
• Chipper Cash: Cross-border payments app targeting African users and diaspora corridors with mobile-money interoperability and USD/GBP/EUR support. Overlaps with FaasPay's African-diaspora remittance use case and local-currency settlement in Nigeria and beyond.
• WorldRemit: Global digital remittance platform serving the North America–Africa corridor with mobile-money settlement across African markets. Directly competes on corridor coverage and mobile-first remittance UX for diaspora senders.
• Remitly: Public, well-funded digital remittance platform with the North America → Africa (and broader) corridor as a flagship market. Same customer segment (diaspora senders), mobile-first product, regulated MSB/License status — the most direct competitor to FaasPay's corridor.

Broad incumbents

• Western Union: Global remittance incumbent with the largest North America–Africa cash-pickup and digital network. Competes broadly across FaasPay's corridor with a much larger brand and liquidity pool, though historically less mobile-native.
• MoneyGram: Long-established incumbent in cross-border money transfer with extensive North America–Africa agent and digital footprint. Larger and broader portfolio but directly competes in the corridor and on regulated remittance.

Others

• Flutterwave: Pan-African payment infrastructure provider that is currently a Core partner to FaasPay. As Africa's leading payment processor, it is strategically adjacent and could either deepen integration or vertically integrate into the cross-border sender role FaasPay occupies.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/faaspayng/status/1864629941775602075
• Facebookfacebook.com/share/p/18NtM8jcv4

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WallX Innovation Incorporated