Currencycloud rolls out Spark wallet to Starling, TranSwap, Remitr

By Sunniva Kolostyak

Cross-border payments provider Currencycloud has announced a wider launch of its multi-currency wallet infrastructure Currencycloud Spark, with Starling Bank, TranSwap and Remitr signing up as the first customers.

The solution will enable the FinTechs and financial institutions, and their customers, to receive, store and make payments in more than 30 different currencies almost anywhere in the world by using unique International Bank Account Numbers (IBANs).

The pilot programme for Currencycloud Spark was announced in October 2019. Mike Laven, CEO of Currencycloud, then said financial institutions have long struggled to help business customers compete on a global scale, relying on a patchwork of banking providers to carry out international transactions, as there was no credible alternative.”

“Currencycloud Spark leverages our technology to provide unparalleled access to global payment networks, allowing banks and other payment providers to go to market quickly and focus on expanding their businesses,” Laven said in 2019.

Ahead of the launch, over 30 FinTechs around the world had signed up to benefit from the functionality.

Remitr Global Business Account (GBA) recently launched with the help of Currencycloud Spark. In just a few weeks, it has already received elated responses from Remitr customers who now have the predictability of cash-flow and control over receivables. Remitr’s GBA empowers small businesses to get paid in multiple currencies without paying exorbitant bank fees or having to open an overseas bank account. One of their newest customers has already saved upwards of $1400 in less than two months of using GBA.

Others to participate in the pilot include Starling Bank who are helping their SME customers open USD accounts and TranSwap who utilised Currencycloud Spark to power their Global Borderless Virtual Account (GBVA).

Last month, Currencycloud secured one of only seven e-money licenses from the Dutch Central Bank (De Nederlandsche Bank) as part of a strategy to expand its European footprint.