TransferWise is the latest fintech unicorn to try its hand at breaking the US, taking its borderless bank account and debit card across the pond one year on from its launch in Europe.
TransferWise’s borderless debit card first launched to customers in the UK and Europe in April 2018. Since then cardholders have made more than 15 million transactions and deposited more than $10 billion.
TransferWise's launch in the US, comes just weeks after fellow UK challenger Monzo announced it would open up shop later this year and Germany's N26 promised to make a splash in just a matter of weeks.
Taavet Hinrinkus, co-founder and Chairman, TransferWise says: "Our goal is to offer bank details for every country in the world through one borderless account — the world’s first global account. Since launching in Europe we’ve seen extraordinary customer take-up, with over $10 billion held in deposits so far.”
TransferWise is unperturbed by the logistical complexities of breaking into the US market. Hinrikus points to independent research commissioned by the firm that compared sending and spending money abroad from the TransferWise account and debit card with top US banks and PayPal. The findings revealed that the TransferWise card makes it four times cheaper to spend on their debit card and up to 12 times cheaper to send money internationally from their account.
The firm has hired Tan France, one of the presenters on Netflix’s hit TV show Queer Eye, to be the face of the borderless account for the launch.