Money transfer company TransferWise is expected to announce a joint venture with UK challenger bank Monzo, soon after agreeing a partnership with French banking group BPCE. The two banks will work together on the new service, which will be called Moneygram. The UK-based company is also discussing agreements with Estonian bank LHV and German challenger bank N26. In fact, the company is attempting to position itself as entirely agnostic on how customers access the service: the more money moving via its infrastructure, the better, whilst economies of scale also mean potentially lower fees on specific routes. Last year, TransferWise abandoned a partnership with Monzo rival Starling.
Money transfer company TransferWise is expected to announce a joint venture with UK challenger bank Monzo, soon after agreeing a partnership with French banking group BPCE. The two banks will work together on the new service, which will be called Moneygram. The UK-based company is also discussing agreements with Estonian bank LHV and German challenger bank N26. Last year, TransferWise abandoned a partnership with Monzo rival Starling.