Transferwise, one of the highest profile Fintech firms in Europe, announced on Wednesday the launch of its new Borderless account in Canada. This news comes just a few weeks after the company added Apple Pay to the list of options its users may leverage to move money around the world.
According to Transferwise, the Borderless account demonstrates the company’s focus on helping small businesses manage money internationally. It also gives businesses more control over their international finances by allowing them to pay invoices, convert currency, and receive payments in multiple currencies easily. With the Borderless account, Canadian businesses will also be able to do the following:
- Open accounts to pay and get paid as if they were a local business in that country.
- Hold and manage balances in 27 currencies – saving money on unnecessary conversions.
- Save on maintenance fees – there are no set up fees or monthly charges and it costs nothing to receive payments.
- Avoid exchange rate markups – when moving money across currencies, there’s only a small transparent fee and all transfers are made at the real mid-market exchange rate (i.e. the one you see on Google).
Since its launch in 2011, TransferWise serves more than a million customers across 750 currency routes. The firm currently has 700 employees in nine offers and it reached profitability at the beginning of 2017, with an anticipation of $130 million revenue run rate. Kristo Käärmann, CEO and co-founder of TransferWise, added:
“We built TransferWise out of personal frustration. My bank was screwing me for a long time and now we’ve built a cheaper, easier solution to moving across borders. If you’re a freelancer or entrepreneur working with a global network of vendors, the Borderless account will be a game-changer. With the unique platform we’ve built, we’re looking forward to creating a new kind of financial services for the future. The infrastructure 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.”