Wirecard AG (GER:WDI), a multinational internet tech and financial services provider which is listed on the German stock exchange (DAX) and is headquartered in Aschheim, district of Munich, has teamed up with Estonia-based Xolo, a company that allows entrepreneurs to launch their businesses completely online.
Xolo’s services and Wirecard’s digital banking and card issuing products will be used to provide “fully digital seamless” banking for business owners.
As noted in a press release:
“The new partnership will enable Xolo, supported by Wirecard’s digital banking services, to revamp and enhance the banking and accounting aspect of its current platform. The companies are collaborating within the so-called ‘gig economy’ which refers to digital platforms that allow independent freelancers to connect with individuals or businesses for short-term services or asset-sharing.”
The global gig economy market was estimated to be worth at least $204 billion in 2018 with an impressive compounded annual growth rate (CAGR) of 17%.
More than 30,000 entrepreneurs have registered to use Xolo, which aims to provide a holistic business platform that offers a complete set of services for establishing businesses, including incorporation, taxation, banking and accounting software. This allows companies to operate a hassle-free online business.
As explained in the release:
“Leveraging on Wirecard’s banking license, Xolo users can virtually open a business bank account within 48 hours, receive a Wirecard-issued debit card, and be able to effectively manage their banking, tax and compliance activity via a unified Xolo operation center.”
Allan Martinson, CEO at Xolo, noted that the new partnership represents a notable milestone for his firm as it plans to establish “a new virtual nation” for freelancers and solopreneurs.
Marinson added that with the addition of Wirecard’s digital banking services, his firm will continue to build out its vision for “enabling millions of micro-businesses to get to market quicker and without the bureaucracy.”