Tech startup Transferwise has announced the launch of a new business account, signalling an expansion from its home turf in the international money transfer sector.
The group’s new “borderless account” hit the news on Tuesday, allowing businesses to hold multiple currencies in a single online account. The startup have revolutionised the overseas money transfer sector by undercutting high street banks’ prices and offering a simpler, cheaper method, becoming increasingly popular with individuals and businesses alike.
The group’s latest product signifies an expansion of the services it offers to businesses, helping them manage payments and costs in local currencies across multiple countries using only one account.
TransferWise’s CEO and cofounder Taavet Hinrikus told Business Insider: “Those people and businesses who are leading a more international life — they’re either working, studying abroad — they are in a really tough position. Business banking is pretty rubbish on its own but if you think about international banking — really poor.
“We thought, we’re helping businesses and people to make international payments already and we have very fantastic infrastructure to do it. For us, it was about using the infrastructure in a different way to solve another pain point for these people.”
The new account has no monthly costs, with the firm taking money only when businesses move money from one currency to another. 15 currencies will be supported initially and is available only to businesses and freelancers, but will expand to consumers later this year.
The news comes just one day after Transferwise announced it would be collaborating with Apple Pay, permitting users to send money over its network using Apple Pay’s payment service in an attempt to improve the security and ease of transfers.
Apple Pay users will no longer need to use a payment card or bank accounts to transfer funds using TransferWise, but can now also use their Apple Pay account to cut down the time needed for transferring money even further.