UK-based TransferWise has struck a partnership with Groupe BPCE, France’s second largest banking group, marking a key milestone in the British fintech startup’s efforts to grow its business.
Under the agreement, TransferWise will be able to offer its money transfer service to the French bank’s 15 million customers, according to an announcement Monday.
The French bank will directly integrate into its mobile banking apps the fintech firm’s money transfer product, CNBC reports.
TransferWise intends to elevate its reach via this partnership with Groupe BPCE, with the service launch for the bank’s customers scheduled for 2019, the companies said at the Money 20/20 Europe fintech conference in Amsterdam.
The service allows the customers of BPCE to transfer money to currencies of more than 60 countries via TransferWise’s product at a fee as low as 0.5 percent and “at the mid-market exchange rate”.
BPCE is the first major mainstream bank to collaborate with TransferWise’s fast and cheap service.
Founded in 2010, TransferWise, a privately-held startup that has attained the so-called unicorn status (valuation of more than US$1 billion), currently has about 3 million users, transferring 2 billion euros (around US$2.3 billion) monthly, according to CNBC.
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