TransferWise, a financial technology firm has partnered with France’s second largest bank, BPCE Groupe. The partnership will provide a 15 million retail customers access to the international money transfer services for BPCE Groupe’s.
TransferWise is a simpler substitute to banks which helps individuals to transfer money on an international level. “The mission of TransferWise is to make money move around the world as fast and as cheaply as an email,” said Kristo Käärmann, Cofounder and chief executive of TransferWise in a statement.
“Both TransferWise and BPCE are committed to offering the best possible services and the fairest deal to their customers and this collaboration is an important step in making that a reality for everyone,” says TransferWise.
The customers of Groupe BPCE will be able to use this service directly in their mobile banking apps from next year.
The industry is evolving in a way of transferring money
In the past years, TransferWise had faced some backlashes in the marketing field thus resulting in keeping a strict rule to only collaborate with the larger banks that could help the company reach more customers faster.
“The industry is evolving and we’re really honored to be having these conversations with banks,” a TransferWise spokeswoman said in an email. “By working with us, a bank is essentially choosing to minimize their profits on cross border payments in order to give their customers a more modern and fair service. That’s a promising move for the industry.”
TransferWise, a company based in london is said to move over 2 billion euros a month for its 3 million users by providing one of the easier and cheaper financial services. It also has raised nearly $400 million from investors including asset management firm as well as venture capital firm.