A few weeks back,Pockit, a fintech company that provides a digital banking app for the underbanked masses, raised around £15 million funding and announced a partnership with Railsbank, an open banking API and a Banking-as-a-Service (BaaS) platform.
Partnership with TransferWise
In the latest development, the London-based fintech has now announced a new partnership with TransferWise, a popular money transfer service from London.
As per the company’s press release, the partnership will enable Pockit’s customers to access faster international transfers with lower and more transparent rates, through TransferWise‘s payment platform from their Pockit accounts.
Can send money in 29 countries
With international money transfers, Pockit customers can send money to over 29 countries, make payments in other currencies and withdraw cash from ATMs abroad.
It’s worth noting that sending money via TransferWise is eight times cheaper than traditional transfer methods in the UK. Over eight million people use TransferWise, which processes over £4 billion in cross-border transactions every month, saving customers over 1 billion a year.
Raised over £749 million in funding
TransferWise was co-founded by Taavet Hinrikus and Kristo Käärmann in 2011 and raised over $1 billion (approx £749 million) in primary and secondary transactions from investors.
Virraj Jatania, CEO & Founder of Pockit, comments: “Transferring money abroad is a key service and during the first UK lockdown Pockit saw a 33% increase in international money transfers by our customers. As a direct result, we have formed this partnership with TransferWise, which will deliver greater benefits to our growing customer base.”
Steve Naudé, Head of Product at TransferWise for Banks adds: “With this partnership, Pockit’s customers will be able to access TransferWise’s benefits wherever they are, with increased speed and efficiency. Ultimately, bringing us one step closer to achieving our mission of money without borders, for people all over the world.”
The post After Railsbank, London-based fintech Pockit now teams up with TransferWise for money transfer appeared first on UKTN (UK Tech News).
