Wise secures USD 5.7 million in seed round

Thursday 30 April 2020 15:30 CET | News

Wise, a US-based challenger bank built for small businesses, has closed a USD 5.7 million seed round led by Base10 Partners.

Abstract Ventures, Backend Capital, The Fund, and Two Culture Capital also participated in the round. According to TechCrunch, the startup aims to embed a wider scope of financial services products inside its core product, offering functionality to things like payroll and accounting.

Besides, rather than plunging into direct customer sales, Wise is partnering with platforms like Shopify to onboard small businesses where they already are. Bank accounts on Wise’s platform are FDIC-insured up to USD 250.000 through the startup’s partnership with banking partner BBVA USA. The startup is aiming to insert itself as a service for the small businesses by bundling banking with payment services powered by Stripe. Customers can receive payments, manage their cash, and pay employees all via Wise’s app.

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Keywords: Wise, challenger bank, SMBs, Base10 Partners, Abstract Ventures, Backend Capital, The Fund, Two Culture Capital, startup, financial services, payroll, Shopify, onboarding, FDIC, BBVA USA, payments , Stripe
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech