London-based Fintech start-up Lightyear has partnered with Currencycloud, the experts simplifying business in a multi-currency world, to achieve their goal of removing hidden fees when investing globally.
This partnership will allow Lightyear to open up international markets and offer their customers GBP, USD and EUR accounts so they can easily deposit, hold and invest in multiple currencies without paying hidden fees.
As veterans of Wise (previously TransferWise), which eradicated hidden fees from remittances, Lightyear founders Mihkel Aamer and Martin Sokk are looking to do the same for global investing. By integrating Currencycloud, Lightyear is able to offer a simple way for European investors to invest in different markets through the investment app using different currencies.
Currencycloud will allow Lightyear’s customers to manage multiple currencies from within their account, meaning they can buy and sell through the app and convert currencies when it suits them, rather than incurring hidden fees associated with moving money across borders at point of sale or purchase.
Offering a fee-free service to allow people in the UK to invest in US markets, the pair are looking to build a scalable platform and plans to expand across Europe in the first half of next year.
Lightyear CEO and Co-founder Martin Sokk says of the partnership, “At Lightyear, we’re on a mission to remove ambiguity in the investment world and put an end to the unjustifiable fees levied at retail investors. Our multi-currency offering is at the heart of our business; it allows us to remove the friction of foreign exchange fees when investing in global stocks. Our partnership with Currencycloud means our European customers will be able to invest freely without complexities when dealing with multiple currencies and global exchanges.”
Nick Cheetham, Chief Revenue Officer Currencycloud commented, “Wealthtech companies are on a mission to revolutionize investing for investors of all stripes. Lightyear are true innovators in the field who now have a cross-border solution embedded in their offer: opening up global markets to even first-time European investors. We look forward to being part of their journey of simplifying investing for people as they build a scalable platform and grow.”
Currencycloud is incorporated in Lightyear’s investment app, which is available to customers in the UK today.