Peer-to-peer money transfer service TransferWise has announced that it’s opening its API for any third-party business to use.
London-based TransferWise has emerged as a key player in the fintech fraternity, offering an international money transfer service that bypasses banks to keep costs down. The company has raised nearly $500 million in funding, the majority of which came via its $280 million series E round last November.
A number of fledgling fintech startups have been gnawing away at the traditional banking system, and we’ve seen a few partnerships emerge as a result of this — for example, mobile-first banking startup N26 previously teamed up with TransferWise to offer customers money-transfer services from within the N26 app. Other companies to integrate TransferWise include Monzo, Bunq, and Rentify.
TransferWise for business
To leverage TransferWise so far, companies have had to work directly with TransferWise to gain access. Now, the API is being pushed into open access mode, so that any verified business can access the TransferWise API to introduce international money transfer features into their own website or app.
Other updates announced today as part of the TransferWise business program include an integration with accounting platform Xero, so that bookkeepers who manage funds across various currencies can import their transactions from TransferWise directly into Xero.
Elsewhere, TransferWise is also making its borderless debit card available to European businesses, after making this available to individuals earlier this year. With this card, it’s possible to spend money in more than 40 currencies as though you have a local bank account in that country.
These latest updates come shortly after TransferWise announced that it had grown its revenue by more than 75 percent during its last fiscal year, while it also hit profitability for the second year in a row. The company now also claims 4 million users globally.