TransferWise and Mastercard deepen partnership

By Aisling Finn on Thursday 20 August 2020

Digital Banking

The expanded partnership will bolster TransferWise’s global reach to nearly all countries in the world.

TransferWise and Mastercard deepen partnership
Image source: Kristo Käärmann/TransferWise

TransferWise has today announced the expansion of its partnership with global payments giant Mastercard. 

The partnership will allow the fintech to issue cards in any market around the world where Mastercard is accepted and TransferWise is licensed. 

TransferWise issued its first Mastercard-backed debit card in 2018 and since then has issued over one million debit cards globally. 

Kristo Käärmann, CEO and co-founder of TransferWise, said: “We’re making it faster, cheaper and easier to move money around the world.” 

“As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan. Building upon our partnership with Mastercard is important in maintaining that high level of convenience around the world.” 

As well as facilitating card issuance, the partnership will allow TransferWise customers in European countries to send money in real-time, enabling faster and easier international payments. 

Andrea Scerch, president of processing services at Mastercard, said: “We are proud to be expanding our relationship with TransferWise, having enjoyed a solid partnership over the past three years.” 

“Broadening TransferWise’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s multi-currency payment solutions.” 

TransferWise also recently became one of Europe’s most highly valued fintechs following a $319m secondary share sale that saw its valuation come in at $5bn. 

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