Xero Overhauls Payments For Faster Transactions

New Zealand’s cloud-based accounting firm Xero is overhauling payments to integrate with TransferWise, Stripe and GoCardless, Xero said in a press release Wednesday (Nov. 13).

The integration will make it easier and faster for small businesses in the U.K. to set up card and debit payments for customer invoices and bills.

The company announced the new relationships at Xerocon London 2019 with 3,000-plus accountants, bookkeepers and partners in attendance.

“Small businesses have to juggle many things to ensure success, but incoming and outgoing payments shouldn’t be one of them,” said Craig Walker, executive general manager of Payments and Billing Solutions

How Bank Debits Are Driving Subscription Commerce Growth

Recurring payments and commerce are taking the world by storm as businesses seek to expand their global operations, and consumers of all types get more comfortable with online subscriptions. However, significant challenges still exist that serve to slow the growth of subscription commerce — not the least of which is how to move money in the most efficient way possible.

That’s where innovation and disruption come in. PYMNTS recently caught up with Pranav Sood, vice president and general manager of International Expansion for U.K.-based recurring payment services provider GoCardless, to talk about what needs to happen to promote further growth —

Peter Thiel-Backed Unicorn TransferWise Posts Record Profits

TransferWise, one of Europe’s top five FinTech startups, announced profits for the third fiscal year in a row, with revenue after taxes 66 percent higher than last fiscal year, CNBC reported on Wednesday (Sept. 18).

The London-based firm, backed by Peter Thiel’s Valar Ventures and Sir Richard Branson, said it recorded £179 million ($223 million) of revenue for the fiscal year ending March 2019, up from £117 ($146 million) the previous year. Net profit was £10.3 million pounds ($12.8 million).

The FinTech unicorn was valued at $3.5 billion during a May funding round. 

TransferWise has altered the cross-border remittance industry

TransferWise Reports 66 Pct. Profit Growth YOY

TransferWise, one of Europe’s top five FinTech startups, announced profits for the third fiscal year in a row, with revenue after taxes 66 percent higher than last fiscal year, CNBC reported on Wednesday (Sept. 18).

The London-based firm, backed by Peter Thiel’s Valar Ventures and Sir Richard Branson, said it recorded £179 million ($223 million) of revenue for the fiscal year ending March 2019, up from £117 ($146 million) the previous year. Net profit was £10.3 million pounds ($12.8 million).

The FinTech unicorn was valued at $3.5 billion during a May funding round. 

TransferWise has altered the cross-border remittance industry

TransferWise Offers Fast International Transfers From Argentina

FinTech unicorn TransferWise is now offering its money transfer services in Argentina, letting users move money to and from over 60 countries, the company said on its website and in a press release on Thursday (Aug. 15).

Founded in London in 2011, TransferWise operates in Argentina in partnership with Nubi, a FinTech company associated with Banco Comafi.

Sending money to and from Argentina is typically complex, characterized by slow processes, less-than-optimal exchange rates and hidden fees. TransferWise, on the other hand, converts money at the mid-market exchange rate and pays the transfer using local pools of currencies in each country,

TransferWise Rolls Out Multicurrency Debit Card

In the United States, money transfer firm TransferWise has launched a Mastercard debit card along with an accompanying TransferWise Borderless multicurrency account. The card is said to work without balance limits in more than 40 currencies and its conversion fees are said to be in line with exchange rates that are current, VentureBeat reported.

CEO Kristo Käärmann said, according to the report, “Our goal is to offer bank details for every country in the world through one account — the world’s first global account — and we’re starting with five of the world’s top currencies. The 40-currency debit card completes

Earnings Season Fizzle Puts Kohl’s In The Spotlight

Earnings season is a time for reflection after reaction. For Kohl’s, which put up a poor showing in its latest results, and which gave the nod to a rocky roadmap of execution amid trade wars and brick-and-mortar challenges, the reaction was swift.

Investors dumped the stock by double digits, and now the reflection: Is Amazon enough?

The department store company said comp sales were off 3.4 percent in the first quarter, while analysts had seen that measure down 10 basis points. It was the worst showing of comp sales in several years, and the company brought its guidance far below the

Multibillion-Dollar B2B FinTech Firms Emerge From Investors’ Pockets

The B2B FinTech market flexed its muscles this week, with investments landing at alternative small business lending, payroll and Software-as-a-Service (SaaS). However, the big news includes the emergence of a new unicorn, as well as a B2B FinTech that — thanks to its latest funding — is now Europe’s most valuable FinTech. Plus, Salesforce announced a new fund to propel funding for the B2B space. The latest in B2B FinTech investments is below.

Lumi

Australian alternative small business lender Lumi announced $5.52 million in new funding this week, reports in Anthill said, following $21.72 million in funding late last year.

TransferWise Becomes Europe’s Most Valuable FinTech

TransferWise, the U.K. money transfer startup, has raised $292 million in a round of funding, giving it a valuation of $3.5 billion. To date, TransferWise has raised $689 million in venture funding.

Reuters, citing the company, reported the round was led by Lead Edge Capital, Lone Pine Capital, and Vitruvian Partners. Other participants included existing investors Baillie Gifford and Andreessen Horowitz. Reuters noted some of the investment was made by BlackRock funds as well.  Investors who took part in previous funding raising rounds include Sir Richard Branson, Valar Ventures and PayPal co-founder Max Levchin.

TransferWise has been able to garner

TransferWise Formally Rolls Out PayNow Payments; Klarna Unveils Open Banking Platform

Welcome to The Axis, your late look at payments news from around the world. Coverage includes the formal rollout of payments via PayNow with the U.K.’s TransferWise. In addition, European payment provider Klarna has unveiled an Open Banking Platform, and GM Cabs is offering to take payments via Alipay to help serve consumers in Australia.

TransferWise, a FinTech firm in the U.K., now formally allows payments via PayNow after experimenting with the service, The Business Times reported. Through TransferWise, users can scan a quick-response (QR) code or enter a unique entity number of a company. As it stands, the FinTech allows

TransferWise Reports $3.9B In Transaction Volume/Month

London-based money transfer firm TransferWise has revealed that has been profitable for the second year in a row.

One of Europe’s largest FinTech startups, TransferWise reported an annual post-tax net profit of £6.2 million ($8 million USD) for the fiscal year ending March 2018, according to CNBC. Its annual revenue nearly doubled to £117 million during the period, while operating profit came in at £9.5 million. Founded six years ago by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, TransferWise became profitable for the first time in March 2017.

“We’ve proven that FinTech can offer consumers an unbelievable experience at a low price,

Five At Five: Mastercard’s Freight Deal With Stargo

Welcome to Five at Five, your late look at some of the payments and commerce news you might have missed. Today’s stories include a look at Mastercard’s new commercial payments deal, and a fresh look at spending trends for augmented and virtual reality. A new, heavyweight group is looking at the moral and ethical implications of AI, while a new product launch highlights the issue of privacy and data security in connected vehicles. And there is a new financial services partnership in Europe.

Mastercard Partners with Stargo for Freight Payments Solution

With Mastercard’s commercial payment solutions and Stargo’s price optimization

TransferWise Teams Up With Groupe BPCE To Offer In-App Transfers

With a partnership between TransferWise and Groupe BPCE, customers of the European banking group will be able to use TransferWise’s international money transfer service directly through the company’s app. In addition, TransferWise will have access to the banking group’s 15 million retail clients, Reuters reported.

“TransferWise has a mission to make money move around the world as fast and as cheaply as email,” TransferWise co-founder and chief executive Kristo Käärmann said in a statement. “This partnership is a momentous step on that journey.”

The pairing marks the first time that a large banking group in Europe will offer TransferWise’s service directly

TransferWise Adds Batch Payment Capabilities For Corporates

Money transfer company TransferWise is adding batch payment support for payroll and corporate transactions.

Reports in Crowdfund Insider on Tuesday (May 8) said TransferWise has launched batch payments to facilitate up to 1,000 payroll and supplier payments at once. The solution can be used to pay workers, freelancers and vendors across borders with a single file.

The new solution comes as TransferWise noted that $1 billion has been deposited into its account service, reports added. Nearly a third of its U.S. volume comes from small businesses (SMBs), which pay an average fee of between 0.6 percent and 0.9 percent, the