Tech

Transferwise repackages its business banking with a debit card

transferwise-repackages-its-business-banking-with-a-debit-card

Fintech unicorn Transferwise is today relaunching its business banking effort to include a debit card, integration with accounting platform Xero and an open access developer channel.

The newly-revised business product will provide a Transferwise Business debit card for spending both online and in-store in 45 currencies, in addition to its previous offering of local bank details in US dollars, euros, sterling and Australian dollars.

Transferwise's head of business Stuart Gregory told City A.M. that while its business division already has 150,000 users signed up, the fintech is hoping to see 5,000 new users coming on board every month.

"The way we try to do product development is listening to our businesses," said Gregory. "This is kicking off the top three most requested features."

He added: "Over 4m people using Transferwise are moving £3bn a month. If you look at the business side, it's a massive opportunity for us as they're spending so much globally."

Xero has also today announced integrations with four other UK fintechs – Tide, Starling Bank, Revolut and Soldo – through its new bank feeds developer programme.

The global digital accounting platform said it is aiming to take advantage of the UK's Open Banking regulations, as well as its "dynamic fintech sector" with this latest string of partnerships.

The move comes after Transferwise secured a £65m syndicated debt facility from Natwest, JP Morgan and Estonian bank LHV last week, providing the fintech firm with working capital as it grows aggressively.

Transferwise has raised over £300m to date in private equity investment, from backers such as Old Mutual, Andreesseen Horowitz and Sir Richard Branson.

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