Created: May 18, 2026 08:00 AM
Money transfer focus: Coral Wells and Nick Muller, of TriFi
A new fintech company is working to enable real-time local and cross-border money transfers in Bermuda, using a mobile application initially, but also eventually a web app.
TriFi is seeking a licence from the Bermuda Monetary Authority, the island’s financial-services regulator, to deliver the same user experience as that of Revolut, Venmo, PayPal or Wise.
TriFi is already working with Visa and other major players to help people move money through payment processing on the new platform.
Principals include Bermudian Coral Wells, the technology leader, and entrepreneur with more than 20 years of experience of delivering digital transformation across government, financial services and the non-profit sector.
TriFi is seeking to create more efficient payment solutions for the island. It seeks to make the sending of money overseas faster, easier and less expensive.
International transfers, they say, cost between 1.3 times and 3.4 times the global average.
Principals of TriFi also argue that outdated domestic payment methods result in user friction and unmet needs.
TriFi’s chief executive officer is chartered financial analyst Nick Muller, a former Bermudian-based digital nomad.
Ms Wells is chief technology officer and Joyce Mehlman is chief compliance officer.
Mr Muller told The Royal Gazette: “Bermuda punches above its weight in a lot of areas, but cross-border payments — that’s what were launching to address — is very expensive and very high friction.
“It’s a multiple of the average global costs and provides for a poor user experience.”
The company wants to build a platform to deliver user benefits that include real-time transfers with local and global reach, and fair, transparent fees.
It seeks the ability to transfer money in real-time using just a phone number and an existing Bermuda bank account for local recipients.
If the business plan succeeds, people would be able to send money to accounts at any local Bermuda bank and to recipients in dozens of countries around the world.
Fees and exchange rates would be shown before a transfer is made so users know exactly how much will be received.
The principals want to develop success in Bermuda before looking to the Caribbean for future opportunities.
