Transferwise looking to intergrate with banking apps
(22 December 2015 – United Kingdom) London based startup, TransferWise is in discussions with around 20 banks globally to embed its money transfer capabilities in their smartphone apps.
The money transfer company has already established a partnership with Estonian retail bank LHV in a move that opens the door for a rollout of its technology with banks across Europe and the US. It added that it was in “preliminary talks with other banks looking to make similar moves”.
LHV is the largest bank in Estonia, with about 70,000 customers. Taavet Hinrikus and Kristo Käärmann, Transferwise’s co-founders, are both Estonian. The service will launch in early 2016.
“This partnership is a significant milestone for the whole financial sector,” said Mr Hinrikus.
TransferWise is backed by a raft of well-known investors including Virgin’s Sir Richard Branson and former chief executive of Citigroup, Vikram Pandit. The company is valued at more than US$1 billion (A$1.39 billion) following a capital raising round last year.
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