German startup Number26 has announced a partnership with the UK-based peer-to-peer money transfer service TransferWise. The move will let Number26 users to carry out international transfers directly from the app.
Established in 2013, Number26 describes itself as the first bank account for the smartphone in Europe. At first, it was only available in Austria and Germany, but has later expanded to France, Italy, Spain, Greece and Slovakia.
Having more than 80,000 users globally, the company has attracted over $13 million in fundraising from some prominent investors, including PayPal’s co-founder Peter Thiel. According to the company, its aim is to transform the traditional banking industry and change the way people send money.
The new service became officially launched for iOS and Android platforms yesterday. It will allow customers transferring euros to eight currencies: US Dollar, British pounds, Australian dollars, Swedish krona, Indian rupees, Polish zloty, Hungarian forints and Swiss francs. Number26 noted it is going to add more currencies in the near future.
“Our goal is to leverage the best banking products from around the world and make them accessible to customers with one tap, creating a fintech hub inside the Number26 app,” Valentin Stalf, the founder and CEO of Number26, told Venturebeat. “And by adding one of the world’s best fintechs in TransferWise as our flagship partner, we can drive banking innovation much faster than traditional banks.”
TransferWise is one of the major players within the fintech industry and is currently worth more than $1 million. The platform allows customers to make transfers bypassing banks, what reduces the fees on transferring funds.
The company boasts a wide list of top investors that include PayPal’s co-founder Peter Thiel, Valar Venture, Silicon Valley venture capital group Andreessen Horowitz and Virgin Group’s Richard Branson.
“We want to make it as easy and fair as possible for people who need to send money abroad, so we’re very excited that Number26 customers can now access the TransferWise experience without leaving their banking app. This is a great step towards consumers having a wider choice of financial service providers and getting the best service for them,” said TransferWise CEO, Taavet Hinrikus.
The integration with Number26 marks TransferWise’s second partnership this year. The company has recently signed a deal with Estonia’s largest bank, LHV, to integrate its service into the bank’s mobile app. TransferWise also launched fintech API, what means the platform can be integrated by banks, mobile carriers, online marketplaces and messaging apps.