SOURCE: TransferWise

May 23, 2017 00:00 ET

TransferWise launches the Borderless account

Next phase for leading fintech company as it launches a new way for businesses to manage their money internationally

NEW YORK, NY--(Marketwired - May 23, 2017) - Today TransferWise announced its Borderless account, a new way for businesses and freelancers to internationally manage their money as easily as if they were local. The account is available in the UK and Europe, with a gradual rollout for U.S. businesses beginning in June. It's the next step in the tech company's plan to lead the new wave of financial services.

The Borderless account is like having a local bank account in any country without ever having to set foot there. Businesses can keep money in 15 different currencies and, in seconds, get local account details (i.e. a unique account and routing number) for the UK, Europe, and the US.

The account will be offered to consumers later this year. TransferWise will also launch a corresponding debit card, which will be available for businesses and consumers alike, bringing offline benefits to the previously digital-only service.

Next phase for leading fintech company
In the six years since it's launched, TransferWise has grown from a small startup serving two currencies, into a global platform serving over a million customers across 750 currency routes. The company now has 700 employees across nine offices across the world, 100 of whom are based in the U.S. It reached profitability in the beginning of 2017, anticipating a $130 million revenue run rate. The company is using its resources to fuel its next stage of development: expanding beyond money transfer.

Taavet Hinrikus, CEO and co-founder of TransferWise, said: "We're building one of the few new global financial services brands that are coming out now. We started out with international money transfer; first for consumers and then businesses. Creating the Borderless account is the next step.

"With the unique platform we've built, we're looking forward to creating a new kind of financial services for the future. The infrastructure we've built can help people do more than just transfer money. It can help them manage their international finances completely differently, giving them more freedom and control."

People transfer over $1 billion every month through the platform, which means they are saving over $2 million every day compared to using other providers.

About the Borderless account
The Borderless account demonstrates TransferWise's increased focus on helping small businesses manage money internationally. It gives businesses more control over their international finances by allowing them to pay invoices, convert currency, and receive payments in multiple currencies with unprecedented simplicity.

With the Borderless account, businesses can:

  • Open virtual accounts to pay and get paid as if they were a local business in that country
  • Activate local account numbers for the UK, Europe and the US -- Australia, Canada and others to come later this year
  • Hold balances in currencies they may need to use later, so they never have to worry about losing money due to the exchange rate.
    • The 15 currencies offered at start are: British pound, Euro, US dollar, Australian dollar, New Zealand dollar, Japanese yen, HK dollar, Singapore dollar, Canadian dollar, Swiss franc, Polish zloty, Hungarian forint, Swedish krona, Norwegian krone, Danish krone.
  • Convert money between currencies instantaneously
  • Save on maintenance fees -- there are no set up fees or monthly charges and it costs nothing to receive payments
  • Get a fair exchange rate -- when moving money across currencies, there's a small transparent fee and all transfers are made at the real mid-market exchange rate (i.e. the one you'd see on Google)

"Business banking is notoriously expensive and difficult to set up and manage," added Hinrikus. "Based on what we heard from our customers, we thought TransferWise could do something to help. So we've created the Borderless account."

Jemima Garthewait, TransferWise customer and Founder of UK digital agency This Here, said: "We tried setting up a local bank account in Spain but it was so tricky and painfully slow. We then set up a currency account at our bank in euros, but this offered us almost no additional value. A Borderless account has given us back control. It's hugely reduced the administrative burden... and all but eradicated the financial risk of taking on European clients... we've saved over £1000 already in less than two months. It's encouraged us to keep focusing on our international business."

The Borderless account will be gradually rolled out for U.S. businesses starting in June. People can sign up at transferwise.com/us/borderless to get notified when it's available in their region.

About TransferWise
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It's the fairest, easiest way to manage your money across borders. With a simple money transfer platform and virtual accounts, it makes managing your money quick, easy and painless.

Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of Europe's most successful fintech startups having raised $117m in funding from investors such as Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.

Over a million people use TransferWise to transfer over $1.2 billion every month, saving themselves over $2 million every day. www.transferwise.com

Contact Information

  • Press contact:
    For more information including case studies, interviews and visuals, please contact:
    Taina Pena
    taina.pena@transferwise.com
    646-260-9393