Transferwise is advancing another step closer to banking territory with the development of its “borderless” account to consumers.
The said accounts can hold cash in over 20 different currencies and will initially roll out to 1,000 users after its launch last year for businesses.
The company is also launching its own debit card, with the new features anticipated to be widely available to users in the coming months.
Taavet Hinrikus, the co-founder and chairman of the company, stated: “Our mission is to make money move without borders, and today is a major milestone on that journey.
“Multi-currency accounts have been available from banks at extortionate prices for years, but for the first time we’re bringing true multi-country banking – with real bank details in key currencies – to anyone who needs it.”
The new service comes under the current regulated activities of Transferwise with an e-money license and does not need a banking license, something it has said that it does not intend to apply for. However, the said move is a step closer to offering banking-like features and services, such as a debit card, just like that of other challenger banks and fintech startups.