Denizen, a global, borderless account for expat banking incubated out of BBVA's New Digital Business Unit in San Francisco, is shutting down.
Initially available in the US and Spain, the borderless account was intended to eliminate the cost, uncertainty and hassle of international banking for world travellers, expats, immigrants or refugees.
The service allowed customers to receive money in one country and pay it out in another immediately, avoiding international transfer fees and eliminating currency exchange fees. In doing so, it was attacking a market identified by non-bank money transfer firms such as TransferWise and Revolut as ripe for disruption.
In a statement, the company says: "While we are proud of what we have created together, Denizen was not able to achieve the scale needed to sustain operations in the current market. It’s been three years of tremendous learnings and collaborative workings and we thank you for your contribution to our growth."
The last day of account operations will be 17 December.