Transferwise is moving another step closer to banking territory with the expansion of its “borderless” account and debit card for consumers.
The accounts can hold cash in more than 20 different currencies and will initially role out to 1,000 users following its launch last year for businesses.
The company is also launching its own debit card, with both new features expected to be widely available in the coming months.
“Our mission is to make money move without borders, and today is a major milestone on that journey,” said co-founder and chairman Taavet Hinrikus.
“Multi-currency accounts have been available from banks at extortionate prices for years, but for the first time we’re bringing true multi-country banking – with real bank details in key currencies – to anyone who needs it.”
The service comes under Transferwise’s current regulated activities with an e-money license and does not require a banking license, something it has said it does not plan to apply for. But the move is a step closer to offering banking-like services and features, such as a debit card, similar to that of other fintech startups and challenger banks.