British FinTech Currensea is launching an open banking debit card for small businesses with the goal to empower those ventures to make cheaper international transactions through their existing bank account.
Currensea said that the new card would give SMEs the ability to make those transactions with low fees competitive with the leading challenger banks.
The FinTech startup also said it offers 16 interbank currencies, including the South African Rand and Thai Baht, claiming no other UK provider currently offers fee-free.
The Currensea cards are developed by payment services provider Allpay, which has previously been said to have entered a partnership with neobank Finndon, and will cost £5 a month or £50 for 12 months.
The features included in the card includes the “best exchange rates possible”, 0% foreign exchange charge, compared to the average 3.25% bank charge, 24/7 interbank exchange rates, zero ATM withdrawal fee up to £500 per month, and “no hidden charges”.
Currensea was founded in 2018 by JPMorgan and Barclays alumni. It launched in January of 2020. Before announcing the new business card, Currensea had already launched a similar consumer-facing card.
“Following the success of our consumer launch, it was a no-brainer to offer the same service to SMEs,” said James Lynn, co-founder of Currensea. “SMEs share many of the same consumer pain points, but in a way they’re even harder hit by the pain points associated with international spending because the process of setting up a bank account is even more complex and costly, especially as they grow and scale.
“There’s a lot of due diligence and admin involved – something businesses can do without – and that’s what Currensea is here to remove, while also offering compelling rates in the process.”
Currensea’s new card was launched in collaboration with Mastercard.
“We’ve been working closely with Currensea over recent years, and are committed to supporting them as they promote their consumer and business offerings to travellers and SMEs alike,” said Edoardo Volta, head of FinTechs at Mastercard. “We’re incredibly excited about their potential and look forward to continuing to develop innovative solutions with them in the years to come.”
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