TransferWise signs partnership with Australian neobank Up

TransferWise is continuing its summer of growth by inking a partnership with Australian challenger bank Up.

Having ended July by securing a $5bn valuation on the back of a $319m funding round and teaming up with Singaporean neobank Aspire, TransferWise is now going into Australia on the back of its partnership with digital bank Up.

Launched in 2018, Up is part of a new wave of neobanks that have washed over Australia in recent years. The fully digital lender already boasts having 250,000 customers on its books.

Through the partnership, Up customers will be able to send money abroad in 48 different currencies without leaving the bank’s app.

“Like Up, TransferWise wants to make finance fairer. And more transparent. By partnering, we hope to help them build the best experience possible for customers to make international payments,” TransferWise wrote in a blog.

Dom Pym, co-founder of Up, added, “Our customers have been asking for this feature, so TransferWise and Up are very excited to be able to go live for Australian customers today. We share a common vision to help modernise financial systems and provide a fair and transparent banking experience for consumers. We want to take the experience of managing your money from a place of stress and anxiety to a place that’s simple, convenient, and even fun.

“Partnerships like this deliver a new way to think about banking, where traditional banks would provide this service themselves, Up has continued to turn banking on its head and find the most seamless, customer friendly way to provide services customers love.”

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