Fintech launches open banking business debit card following £5m fundraise

A London-based fintech has launched a new open banking debit card for small businesses after it secured multi-million pound investment.

Currensea has today announced the launch of its ‘first-of-its-kind’ open banking debit card for SMEs.

The news follows the amassing of £5m in funding for the company, as well as welcoming the former UK CEO of Amazon UK, the former CIO of Worldpay and the co-founders of Booking.com to its board.

James Lynn, co-founder of Currensea, commented: “Following the success of our consumer launch, it was a no-brainer to offer the same service to SMEs.

“SMEs share many of the same consumer pain points, but in a way they’re even harder hit by the pain points associated with international spending because the process of setting up a bank account is even more complex and costly, especially as they grow and scale.

“There’s a lot of due diligence and admin involved - something businesses can do without - and that’s what Currensea is here to remove, while also offering compelling rates in the process.”

Edoardo Volta, head of fintechs at Mastercard, which has worked with the firm to develop its proposition, added: “We’ve been working closely with Currensea over recent years, and are committed to supporting them as they promote their consumer and business offerings to travellers and SMEs alike.

“We’re incredibly excited about their potential and look forward to continuing to develop innovative solutions with them in the years to come.”

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