Europe-based fintechs to launch a new cross-border organisation

EFA’s objective is to help create a single financial market within the EU, removing cross-border barriers for financial services. The founding members of the EFA are savings marketplace Raisin, software-as-a-service provider Finleap, alternative lender Funding Circle, wealth management platform Moneyfarm, digital bank N26, and money transfer service TransferWise.

The creation of the group follows the European Commission’s commitment to introducing a new digital finance strategy. Alongside the six founding fintechs, the EFA is also drawing on expertise from other companies across Europe, including peer-to-peer lender Mintos, wealth manager Scalable Capital, financial API provider TrueLayer, and payment processor Wirecard.

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