Wise (formerly TransferWise), the British fintech primarily facilitating cross-border money transfers, announced on Friday a partnership with Fruugo, which is a cross-border e-commerce marketplace.
According to the blog post, Fruugo merchants could use Wise Business account details to receive earnings in many currencies like the US Dollar, Australian Dollar, Singaporean Dollar, Euro, British Pound, among others.
“As a trusted and growing platform for e-commerce, it is extremely important for us to continue to provide the best and most cost-efficient solution for our retailers to take their products global. We believe that international selling should be as simple as selling to customers in your own country. With Fruugo, any retailer can reach a global audience, and we’re delighted to partner with Wise and offer use of its platform to the ever-growing retailer base we have here.” Tony Preedy, Managing Director at Fruugo, commented.
The manoeuvre is part of Fruugo’s target to offer its retailers a way to get paid in their own domestic currency when arranging transactions on the platform. “It can sometimes be costly for retailers to receive funds internationally. A key part of Fruugo’s platform is to provide the most inexpensive and efficient way for retailers to remit funds in their own currency. This latest partnership with Wise will enable Fruugo to continue to provide a seamless and inexpensive solution and enable retailers to sell more worldwide,” Wise noted in the announcement.
Wise Trading Update
Last month, Wise released a trading update, reporting a 25% annual jump in its revenue for the second quarter of the ongoing financial year. In absolute terms, the revenue came in at £132.8 million. However, quarter-over-quarter the company registered a growth in revenue of 8%.
The jump in revenue was pushed by the rising demand for retail money transfers. Wise revealed that almost 4 million customers made transactions in the quarter. The number of active personal customers on the platform increased by 22% whereas active business customers grew by 44%.
