Business banking platform Wise closes $5.7m in its seed round

Wise, banking an payments platform, has scored $5.7m in a seed funding round to support the development of new tools.

The investment was led by Base10 Partners principal Rexhi Dollaku.

Additional contributions came from Abstract Ventures, Backend Capital, The Fund and Two Culture Capital. A number of angel backers also participated in the round.

Founded in 2018, Wise provides businesses with a digital platform to bank, pay and get paid.

The company recently released its FDIC-insured business checking accounts in partnership with US bank BBVA. The accounts are insured for up to $250,000.

Wise co-founder and CEO Arjun Thyagarajan said, “We are excited to embed our banking functionality directly into digital platforms or ecosystems that create or service businesses, like Shopify.

“For too long, these platforms have forced their customers to work with banking providers that are not designed for their business or integrated into the platform. We will be launching more of these platform developer tools so that digital platforms can, for the first time, create a modern, delightful banking experience for their customers too.”

Earlier in the week, investing and banking platform Stash secured $113m in its Series F funding round to support customer growth and brand awareness.

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