TransferWise goes global with Mastercard partnership
TransferWise has extended is card issuance partnership with Mastercard to issue cards in any market where the latter is accepted.
The two firms have worked together since 2018. The previous partnership covered the European Economic Area (EEA), US, Singapore, Australia and New Zealand.
TransferWise claims to have issued more than one million cards globally with Mastercard. With a Japan launch planned for later this year, the firm is now planning a wider global expansion.
“We’re making it faster, cheaper and easier to move money around the world,” says Kristo Käärmann, CEO and co-founder of TransferWise.
“As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan.”
Käärmann adds that extended deal is important for TransferWise to maintain a “high level of convenience around the world”.
TransferWise hit a valuation of $5 billion in late July. It followed a liquidity round which saw $319 million worth of shares sold by employees and stakeholders.
The fintech, which landed a $3.5 billion valuation last year, says it has seen a 43% uplift in its value since May 2019.
It recently landed a licence from the Financial Conduct Authority (FCA) to offer retail investment services in the UK.
Andrea Scerch, president of processing services at Mastercard, says his firm is “proud” to be expanding its relationship with TransferWise.
He adds: “Broadening TransferWise’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s innovative multi-currency payment solutions.”