Thursday 07 November 2019

GoCardless selects Transferwise for FX

twLondon-based FinTech, GoCardless, which specialises in facilitating recurring bank payments, has recruited cross-border payments specialist, TransferWise, to deliver its foreign exchange services. As a result of the deal, GoCardless will utilise the “TransferWise for Business” product and the Transferwise API, in order to provide favourable currency exchange rates to its own customers.

Since it was created in 2011, as an affordable way for foreign workers to transfer money home, TransferWise has grown into a company valued at around $3.5bn. The company recently entered the US market, where it claims its international transfers will be up to 12 times cheaper than many of its rivals (see: Confident Transferwise heads stateside). Meanwhile, GoCardless itself recently raised $75m to fuel its own global push (see: GoCardless plots global expansion).

The deal represents another win for FinTech unicorn, TransferWise, which already partners with the likes of Monzo, N26 as well as leading French bank BPCE. The partnership should also help GoCardless boost its appeal to business customers as it seeks to build out its services to corporate customers globally.

Posted by: Jon C Davies

Tags: payments  

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