TransferWise granted licence to operate in Australia

International transfer company TransferWise has secured a licence to operate in Australia from the Prudential Regulatory Authority.

TransferWise will now be able to provide purchased payment facilities, as a “limited authorised deposit-taking institution” and it will empower the UK-based FinTech to slash the costs of operating in Australia.

Next, TransferWise plans to follow up by applying for a settlement account with the Reserve Bank of Australia.

The news comes after TransferWise secured a $5bn valuation on the back of a $319m funding round in July and teamed up with Singaporean neobank Aspire.

TransferWise is later inked a deal with Australian neobank Up in August to give the challenger bank’s customers the power to more easily send money abroad in 48 different currencies without leaving the bank app.

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