Business finance aggregator Funding Options has partnered with Wise – the money transfer platform formerly known as TransferWise – to improve payment solutions for small- and medium-sized enterprises (SMEs).
The companies have created Wise Business, a business account designed to help SMEs go global.
Wise Business will enable SME owners to pay international invoices, vendors, and employees in 80 countries without subscription fees and without paying any hidden charges in international transfers.
Funding Options pointed out that in the UK, money transfers made via Wise are on average six times cheaper than traditional banks.
“As we continue on our mission to help SMEs grow and thrive, we are delighted to be partnering with Wise,” said Simon Cureton, chief executive at Funding Options.
“Business owners need and expect frictionless and affordable digital financial services, with international payments a key component for many. This strategic partnership adds another layer of depth to our Funding Cloud ecosystem, which we believe has the power to transform the SME finance landscape.”
Earlier this year, Funding Options partnered with utilities comparison provider Love Energy Savings to help SMEs compare business energy tariffs from more than 17 providers.
The business finance marketplace has now helped more than 10,000 SMEs in the UK and the Netherlands to secure more than £570m in funding.
“We’re thrilled to be working with Funding Options to bring a better international payments experience to SMEs,” said Roisin Levine, head of UK & Europe partnerships at Wise.
“For too long, small businesses have been stuck with poor international payments services that are too expensive, mired in a lack of transparency, and slow and cumbersome processes. In fact, recent research has found that only two in 10 of all small businesses around the world believe their bank provides value for money.
“Like Funding Options, we believe small businesses deserve something better – an international payment service that is fast, transparent, convenient and affordable.”