UK-founded Transferwise expands into the US with Novo and Stanford Credit Union partnerships

The British FinTech unicorn Transferwise is going across the pond to offer its international payments technology to American customers.

The first one of those will be Novo, a banking technology startup that raised $4.8m in an April Venture round, and Stanford Federal Credit Union, a student bank.

“We’re excited for this to be the first of many bank partnerships in the US,” said Kristo Käärmann (pictured), CEO at Transferwise, when speaking with The Telegraph. “Bringing TransferWise for Banks to the US is another positive step towards our vision of everyone getting fast, cheap, transparent wires and we’re thrilled to have Novo and Stanford Federal Credit Union on board.

“By plugging into our [system], these two providers just became the fastest and cheapest to use in the US for international payments. In fact, people and businesses staying with traditional providers end up paying five or ten times more than the customers of our partners.”

Transferwise have previously struck up similar deals with challenger banks Monzo and N26.

The UK FinTech scaleup has bene busy since it hit a $3.5bn valuation in May after closing a $292m investment round. In the months since, it has partnered with the French Croupe BPCE and launching its debit card in Australia and in New Zealand.

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