TransferWise to power payroll payments for crowdfunding platform Seedrs
TransferWise to power payroll payments for Seedrs
TransferWise will process payroll payments for crowdfunding platform Seedrs at the real exchange rate directly from Reuters using its batch payments tool, reports David Penn at Finovate (FinTech Futures’ sister company).
This option enables businesses to settle international and domestic payroll with one click, sending up to 1,000 payments at a time directly to payees’ accounts. Businesses benefit from TransferWise’s competitive exchange rates and workers appreciate payments that arrive within one to two days, the two parties say.
The speed of TransferWise’s international payments was among the reasons why one current client, Travelopo, uses the company’s batch payment tool. Speaking for the company, which formerly transferred millions via a well-known international bank, Travelopo founder and CEO Roger Fenton explains that faster payments and even a small savings in the exchange rate can make a significant difference over time. “As an international business, we settle invoices in sterling and euro – so the cost can hit us or our supplies,” Fenton says. “With TransferWise, everyone is better off.”
The new partnership with Seedrs comes in the wake of news that TransferWise has opened up its “borderless” account beyond business users. Launched for business customers in the spring of 2017, TransferWise announced that it would roll out the multi-currency accounts to consumers in Q1 this year.
As for Seedrs, the crowdfunding firm enters 2018 having recorded its “most successful year to date” in 2017, providing funding to companies like Revolut.
Founded in 2010, London-based TransferWise raised $280 million in funding in November last year in a Series E round led by Old Mutual Global Investors and VC firm IVP. The investment boosted the TransferWise’s total capital to more than $396 million and gave the firm an estimated valuation of $1.6 billion.
