Wise Partners with Qonto to Smooth Out Cross-Border Transactions

Wednesday, 26/06/2024 | 11:09 GMT by Tareq Sikder

Qonto customers can now send money to 24 currencies across 130 countries with enhanced tracking.

Wise Platform will be integrated into Qonto’s, using the mid-market exchange rate without hidden fees.

Qonto, the European business finance solution provider, has announced a partnership with Wise Platform. This collaboration aims to offer fast, transparent, and low-cost international payment services to over 500,000 SMEs and freelancers across Europe.

Simplifying Banking for European SMEs

Qonto's mission is to simplify daily banking for European SMEs and freelancers. International payments are essential for business growth in today's connected world. However, cross-border payments are often complex, slow, and expensive, deterring many SMEs and freelancers from expanding globally.

Steve Naudé, Global Managing Director of Wise Platform, commented: “We're thrilled with this new step in our collaboration with Qonto to deliver a seamless international payment experience to SMEs and freelancers across Europe. In addition to leveraging Wise Platform to receive funds from abroad, Qonto’s customers can now benefit from the best in class experience to pay their partners all over the world and fulfil their international ambitions.”

Enhancing International Payment Options

The partnership with Wise Platform addresses these challenges. By integrating Wise Platform's infrastructure into Qonto's existing platform, Qonto aims to enhance the cross-border payment experience for its customers. This integration will allow Qonto’s customers to send money to 24 currencies across 130 countries in seconds.

Key features of this integration include improved payment tracking, transparency, and competitive fees. Wise Platform uses the mid-market exchange rate, ensuring no hidden fees or mark-ups on exchange rates. This partnership is expected to provide Qonto's customers with a more efficient and cost-effective solution for international payments.

Philippine Rougevin-Baville, Managing Director France at Qonto, said: “We're now able to better support our existing customers by offering faster, more transparent transactions as well as fair pricing and timely payments with their international business partners. Additionally, this partnership allows Qonto to welcome new customers, enabling them to utilise our daily business banking services across multiple markets and currencies.”