European community fintech 11Onze launches SME banking app
European community fintech 11Onze has rolled out enterprise banking services for Spanish and UK small and medium-sized enterprises (SMEs) and sole traders.
Offering a multi-currency account with dedicated SWIFT and IBAN and access to transactions across 140 countries and 28 currencies, the app also provides access to foreign exchange directly from the business account. European transfers using UKIBAN, within the Single Euro Payments Area (SEPA), are commission-free and 20 transfers per month are entirely free.
11Onze chair James Sène says: “11Onze’s enterprise account offers total control and transparency and huge savings.”
Additionally, 11Onze estimates that users could save more than 2-8% on Forex with the app, with a flat fee of €9.
“This is a huge benefit, especially for SMEs who do business across Europe,” Sène says.
11Onze users can also move and buy currency within their account. “You can decide in what currency you want to make with your money sitting in your account. Which is huge in terms of treasury management. Nothing like that exists in the sector,” adds Sène.
11Onze says its “purpose-built” tech platform means speedier onboarding, “streamlined” anti-money laundering (AML) processes, “and an overall profitable banking experience”.
Sène says SMEs are “the lifeblood of our communities and global economies” yet are often shut out of tier one banking services enjoyed by incumbents.
“We are levelling up the ground offering services that are needed for growth.”