- Money movement innovator Wise Platform has partnered with UK-based digital bank Zempler Bank.
- The partnership will enable Zempler Bank to launch a new Outbound International Payments service that will allow its customers to make international payments in both USD and EUR.
- Wise has 16 million individual and business users around the world. The London-based company made its Finovate debut at FinovateEurope 2013.
Wise Platform has partnered with UK-based digital bank Zempler Bank, which helps small businesses, startups, entrepreneurs, and individual customers do business globally. Courtesy of the partnership, Zempler Bank will launch a new Outbound International Payments service that will empower more than 500,000 Zempler customers to send payments internationally in both USD and EUR directly within the Zempler app.
The integration will give Zempler customers fast, secure international payments when sending money to USD accounts in the US and when sending funds to EUR accounts inside the SEPA region. The integration will also provide transparent pricing and no hidden fees; Wise relies on the mid-market exchange rate without mark-up. Lastly, all transactions are handled within the Zempler app—though a desktop-based online banking version of the technology is expected to be available soon.
“We know that the launch of Outbound International Payments will be a popular benefit for many of our customers, particularly the ambitious small businesses looking to develop relationships with overseas suppliers and partners,” Zempler Bank CEO Rich Wagner said.
The partnership comes as small businesses face significant barriers to global expansion. One of the challenges is the complexity and cost of cross-border banking. Based on a survey commissioned by Wise from international research firm Edgar, Dunn & Company (EDC), small businesses in the UK sent more than £485 billion overseas last year, with the amount expected to grow to nearly £530 billion in 2025. Yet, at the same time, small businesses are expected to lose more than £5 billion in hidden fees this year alone.
“We understand that even the smallest businesses might want or need to work internationally, whether that’s importing a key product or component or outsourcing a task to an overseas expert,” Wagner added. “Many of our business customers are already using Wise, so it was a natural choice to partner with them to integrate that familiar functionality within our own simple-to-use banking app.”
Making its Finovate debut in 2013 as TransferWise, the company rebranded to Wise ten years later. Today, the UK-based firm offers an account that individuals and businesses can use to hold more than 50 different currencies, transfer funds between countries, and spend money overseas. Co-founded by Kristo Käärmann and Taavet Hinrikus and launched in 2011, Wise currently boasts 16 million users around the world. The company processes £9 billion in cross-border transactions every month, saving consumers £1.5 billion a year.
Wise’s partnership news comes as the company announces the opening of a new, larger office in Singapore. The new office comes as Wise notes that its Singapore team has doubled since 2022. Additionally, Wise’s local customer base in the region grew by 30% last financial year.
“Singapore is a cornerstone of our operations in Asia Pacific, and this new office is a key milestone in strengthening our regional presence,” Shrawan Saraogi, Singapore CEO and APAC Head of Expansion at Wise, said. “It reflects our continued investment in the country’s fintech ecosystem and our mission to provide the best way to move and manage money globally.”