Money transfer service TransferWise has entered into a new partnership with French banking group Groupe BPCE to expand its reach in the French market.
The collaboration will enable Groupe BPCE’s nearly 15 million retail customers to utilise TransferWise’s international money transfer service in their banking app from the next year.
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This partnership is said to be the first of its kind where a European bank will directly integrate its app with a money-transfer startup.
The service will charge standard fees applicable for using the TransferWise’s platform.
TransferWise co-founder and chief executive Kristo Käärmann said: “TransferWise has a mission to make money move around the world as fast and as cheaply as email.”
Established in 2011, TransferWise provides a convenient and cost-effective alternative to the users to transfer funds internationally.
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By GlobalDataTransferWise reportedly moves around $2.3bn of funds for its nearly three million users per month.
Headquartered in London, TransferWise raised around $400m from various investors including asset management firm Old Mutual, venture capital firm Andreessen Horowitz and others.
In April, the company introduced the first borderless multi-country bank account to enable customers to manage their funds across various countries.
The account can also be used to carry out money transfers from more than 30 countries.
