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The Silicon Review Asia

Monzo partners with TransferWise: another achievement for TransferWise

Monzo partners with TransferWise: another achievement for TransferWise

TransferWise powers international payment for more than 750,000 customers of a challenger bank in U.K. Monzo, a digital banking solution in U.K. has chosen to work with TransferWise for international payment. It is yet another achievement for TransferWise after it had announced its partnership with France’s second-largest bank BPCE Groupe. It is a second new bank partnership that the Fintech unicorn has announced this month.

Monzo goals to become “a hub or a control center” for the customers’ money and they understand that it cannot be done as a standalone company. “I have personally been a TransferWise customer for five or six years and the service is amazing”, says Tom Blomfield, Monzo co-founder. TransferWise is really transparent with fair fees and they are continually working to make it better and cheaper. Hence, TranferWise is the first choice for Monzo, as according to them, there cannot be a better partner to do foreign transfers with than TransferWise. This partnership is sure to make two fintech giants’ heads better friends as hoped by TransferWise co-founder Kristo Käärmann.

A challenger bank like Monzo has nothing to lose by partnering with TranferWise. But is it an equally beneficial deal for TransferWise to partner with a challenger bank? After all, they have partnered with an incumbent French bank. As quoted by Käärmann, “The problem we are solving today is that moving money across borders is expensive.” In fact, customers are already using TranferWise and the real beneficiaries should be the customers, and if a bank is willing to provide such benefits, such partnership is sure to flourish!

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