UK Challenger bank, Monzo has announced its partnership with Transferwise to boost international payments capabilities
Fintech unicorn, Transferwise has been extremely busy after announcing its partnership with France’s BPCE Group earlier this month. Transferwise has stated that its partnership with BPCE Group is set to go live at the beginning of next year.
The partnership will enable Transferwise to power international payments for Monzo’s 750,000 customers. Monzo integrated with Transferwise’s API to allow its customers to send and receive money across the world straight from the Monzo app.
Tom Blomfield, CEO of Monzo said: “We’ve been eager to bring international payments to Monzo customers for a while. Thousands of our customers have friends and family living abroad, and they shouldn’t have to pay over the odds to send them money.
“Both TransferWise and Monzo are committed to building fair, transparent and easy to use products. TransferWise has disrupted international payments, and we’re so pleased our customers will now have access to fast, low cost and convenient international transfers, straight from the Monzo app.”
TransferWise CEO and co-founder, Kristo Käärmann said: “Monzo shares our passion for bringing fairness and transparency to the banking sector, so giving their customers access to international payments through our API is a perfect fit.
“Monzo is our first UK bank partnership to go live, and joins a suite of European partners dedicated to offering their customers a better service, including French bank BPCE and Germany’s N26. Together, we’re setting new standards for retail banking, creating smart, low-cost services that truly meet the hopes of the modern consumer.”
Monzo customers using Android and iOS will start seeing the payments tab on their devices from today and over the next five weeks, the feature will be rolled out to all Monzo users.
Transferwise also powers international money transfer for Germany’s N26, and Estonia’s LHV.
Monzo launched in 2015 and was awarded its full banking licence in April 2017.