British-based fintech Wise recently announced a partnership deal with E-commerce marketplace Fruugo.
According to the announcement, the deal will enable Wise to facilitate cross-border money transfers in many currencies like the US Dollar, British Pound, Euro, Singapore Dollar, and the Australian dollar.
The deal will also allow Fruugo merchants to utilize Wise’s Business account details to receive earnings in various currencies.
The Partnership Offers A Cost-Effective Solution For Retailers
Managing Director at Fruugo, Tony Preedy, commented on the partnership. He noted that Fruugo provides a trusted platform for e-commerce. For that reason, the firm needs to continue offering the best and most cost-effective solution for its clients and their products throughout the world.
“We believe that international selling should be as simple as selling to customers in your own country,” he added. Tony added that the company is excited about the collaboration with Wise, which will allow the effective use of its platform for the rapidly expanding retailer base.
The partnership deal, according to Fruugo, is part of the company’s goals to provide better and more efficient ways for its retailers to get paid in their domestic currency.
In most cases, international payments are too expensive for retailers. As a result, Fruugo is providing an opportunity for retailers to effectively receive funds while paying relatively lesser transaction fees. According to Tony, the partnership will provide a great way for retailers to remit funds in their currency.
The collaboration will allow Fruugo to continue providing an inexpensive and seamless solution that enables retailers to sell more worldwide, Tony reiterated.
Wise Records Increase In Trading Volume
Wise has been doing well in its trading metrics. The firm recently released its third-quarter trading volume result, showing a 25% surge compared to the volume at the same period last year. The company hit revenue of £132.8 million for the period, which also shows an 8% growth from the volume the previous quarter.
According to the firm, the increase in revenue was due to the increasing demand for retail money transfers. The company revealed that about 4 million customers were involved in various transactions during the third quarter.