UK FinTech Lightyear has teamed with cross-border payments firm Currencycloud to remove hidden fees for investors globally.
According to Currencycloud, the partnership will allow Lightyear to open up international markets and offer their customers GBP, EUR and USD accounts so that they can easily deposit, hold and invest in multiple currencies without being hindered by hidden fees.
Through the integration of Currencycloud, Lightyear will be able to offer a simple way for European investors to invest in different markets through its investment app using a range of currencies.
Currencycloud added that Lightyear’s customers will be able to manage multiple currencies from within their account, meaning they will be able to buy and sell through the app and convert currencies when it suits them instead of facing hidden fees that are associated with moving money across borders at point of sale or purchase.
Currencycloud and Lightyear are looking to build a scalable platform and are planning to expand across Europe in the first half of 2022.
Currencycloud chief revenue officer Nick Cheetham said, “WealthTech companies are on a mission to revolutionize investing for investors of all stripes. Lightyear are true innovators in the field who now have a cross-border solution embedded in their offer: opening up global markets to even first-time European investors. We look forward to being part of their journey of simplifying investing for people as they build a scalable platform and grow.”
Lightyear co-founder and CEO Martin Sokk added, “At Lightyear, we’re on a mission to remove ambiguity in the investment world and put an end to the unjustifiable fees levied at retail investors. Our multi-currency offering is at the heart of our business; it allows us to remove the friction of foreign exchange fees when investing in global stocks. Our partnership with Currencycloud means our European customers will be able to invest freely without complexities when dealing with multiple currencies and global exchanges.”
Currencycloud has partnered with global broker FxPro to offer a new e-money service called BnkPro.
BnkPro will provide the ability for users to access private banking-like services through an app. The app, the firm claims, will enable customers to create a multi-currency digital wallet and require a Mastercard debit card.
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