TransferWise has announced a new partnership with UK accounting software leader FreeAgent. The partnership will deliver greater accuracy and convenience for small businesses when reconciling their TransferWise multi-currency business accounts on FreeAgent.
The companies have collaborated via an Open Banking integration to enable TransferWise business customers to seamlessly feed their transactions into their FreeAgent account. Customers were previously faced with the cumbersome task of manually uploading statements. This new partnership, which is available to FreeAgent’s 100,000 small business customers in the UK, enables businesses to reconcile their accounts faster and more conveniently, helping bring far greater efficiency to their account reconciliation.
“This partnership continues our mission to bring a more convenient experience to our small businesses customers,” said Stuart Gregory, MD TransferWise for Business. “As more businesses join TransferWise than ever to receive money from international clients and platforms, and to pay overseas invoices, it’s important they can reconcile their accounting records in as few steps as possible to gain a real-time view of their business finances. This partnership was highly requested by our customers and we’re delighted to provide them with an easy, convenient experience when reconciling their TransferWise accounts”
TransferWise for Business helps freelancers, small and medium businesses to send,
spend, and receive money in multiple currencies at the real exchange rate. It also offers an API for larger enterprises and banks. TransferWise now has 8 million customers worldwide, with 10,000 new business customers every month, saving them £3 million in hidden fees every day. Their partnership follows an open banking integration with QuickBooks in July and a bill payment partnership with Xero, Pay with TransferWise, earlier this year, as accountancy platforms look to bring the benefits of TranferWise’s business product seamlessly to their customers.
Ed Molyneux, CEO and co-founder of FreeAgent, said, “At FreeAgent, we’re committed to making it as easy and intuitive as possible for small business owners to manage their finances. We know that anyone trading across multiple currencies can find it frustrating to reconcile transactions and payments within their business accounts – and that’s why we’re very pleased to be partnering with TransferWise.
“With this integration, business owners will be able to reconcile their TransferWise accounts directly within FreeAgent, giving them faster access to their data and greater visibility over their business finances. We anticipate this will be a very popular addition for our customers.”
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s fastest-growing tech firms having raised $689m in primary and secondary funding from investors such as Lead Edge, Lone Pine, Vitruvian, IVP, Merian Global Investors, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal.
Over eight million people use TransferWise, which sends over £4 billion in cross-border payments every month, saving customers over £1 billion a year.
FreeAgent provides award-winning cloud accounting software specifically designed to meet the needs of small businesses, contractors, freelancers and their accountants. More than 100,000 UK businesses use FreeAgent to manage their business finances. The company is a FCSA partner and has been listed twice on the Deloitte Fast 50, as well as being named “one to watch” in the Tech Track 100.