Currency exchange fintech launches partnership API

By Ryan Weeks on Monday 19 June 2017

Alternative Lending

WeSwap names peer-to-peer lender Zopa as one of 18 new partners.

Peer-to-peer money exchange firm WeSwap has launched a new service called “WeSwap Connect”. The B2B platform is designed to allow other firms to offer WeSwap’s travel money services alongside their own, via a “one-click” API integration.

WeSwap has named peer-to-peer lender Zopa as one of 18 new partners to sign up to the new service in the last 12 months, alongside such firms as SIXT, Perkbox and Secret Escapes. Loans for holidays make up an important part of Zopa’s loan originations, so it makes sense that the firm should also attempt to boost revenues with a currency exchange cross-sale.

WeSwap allows holidaymakers to swap currency with people travelling in the opposite direction. That currency is then loaded onto a Mastercard capable of holding 18 currencies simultaneously. WeSwap Connect allows partner firms to offer their customers a co-branded version of that Mastercard to take on holiday.

“WeSwap Connect means our travel industry partners can bring their customers a twenty-first century travel money product, alongside complimentary services such as car rental, flights and accommodation,” explained Rob Stross, WeSwap’s CMO. “Partners also benefit from access to a wealth of user data that gives them a broader understanding of their customer base. We see this as a first step in WeSwap becoming an integral part of the travel ecosystem.”

This isn’t the first time we’ve seen a partnership formed between a currency exchange tool and a peer-to-peer lender. Banking challenger Revolut – which remains best-known for its currency exchange platform – announced an integration with Lending Works in March, in order to offer instant access to credit to its users.  

In addition to the new B2B platform, WeSwap has also expanded its proposition so that users can now get hard cash alongside their pre-paid card. Money can now be delivered direct to customers’ doors at a time of their choosing. 

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