Data-driven marketplace for business finance Funding Options has partnered with London-headquartered money transfer platform Wise to expand its offering for SMEs to help them recover from the pandemic.
The partnership will offer Wise Business to SMEs to pay international invoices, vendors, and employees in 80 countries without subscription fees. Wise added that there will be no hidden charges in international transfers.
“Business owners need frictionless and affordable digital financial services, with international payments as a key component. As we continue our mission to help SMEs grow and thrive, we are delighted to be partnering with Wise,” said Simon Cureton, CEO at Funding Options.
Earlier this year, the SME lending marketplace joined with utility comparison provider Love Energy Savings to help SMEs compare business energy tariffs from over 17 providers. The platform has now helped over 10,000 SMEs in the UK and the Netherlands to secure more than £570m in funding.
Roisin Levine, head of UK and Europe partnerships at Wise said: “Poor international payments services that are too expensive, mired in a lack of transparency and slow and cumbersome processes have been a hindrance to small businesses. Recent research found that only two in 10 of all small businesses around the world believe their bank provides value for money. Like Funding Options, we believe small businesses deserve something better – an international payment service that is fast, transparent, convenient and affordable.”
The partnership is the latest business offering from Wise, which launched Wise Business in 2016.
Founded as Transferwise by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011, Wise went public earlier this year on the London Stock Exchange in an £8bn listing.