The new partnership will enable Xolo, supported by Wirecard’s digital banking services, to revamp and enhance the banking and accounting aspect of its current platform. The companies are collaborating within the so-called “gig economy” which refers to digital platforms that allow independent freelancers to connect with individuals or businesses for short-term services or asset-sharing. This market was valued at $204 billion in 2018 with compound annual growth rate of 17%.

Xolo offers users a holistic business platform that provides incorporation, taxation, banking and accounting services, enabling them to set up and operate a hassle-free virtual business from anywhere in the world. Leveraging on Wirecard’s banking license, Xolo users can virtually open a business bank account within 48 hours, receive a Wirecard-issued debit card, and be able to effectively manage their banking, tax and compliance activity via a unified Xolo operation center.

Allan Martinson, CEO at Xolo, said, “This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of micro-businesses to get to market quicker and without the bureaucracy.”

Leonard Coen, Head of Sales, Financial Institutions & Fintech Europe at Wirecard, added, “We are pleased to support Xolo’s ecosystem of business users with a streamlined and integrated payment and banking experience which will allow them the freedom to innovate and harness the success they seek.”