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December 23, 2015updated 04 Apr 2017 12:48pm

TransferWise in talks with UK banks to integrate its services into banking apps

London-based fintech firm TransferWise is in talks with up to 20 banks worldwide over integrating its money transfer capabilities in their mobile banking apps.

London-based fintech firm TransferWise is in talks with up to 20 banks worldwide over integrating its money transfer capabilities in their mobile banking apps.

The firm said that these lenders include various established as well as challenger UK banks. It did not divulge any more details on the talks.

TransferWise, valued at over $1bn, has been co-founded by Taavet Hinrikus and Kristo Kaarmann. The firm uses a peer-to-peer matching service that reduces transfer fees and enables consumers to transfer money abroad online at a lower rate compared to that offered by traditional lenders and operators.

The firm has already signed an agreement with Estonian retail lender LHV for embedding its service directly into the bank’s mobile banking app.

The service is expected to be integrated into LHV’s mobile platform from early 2016.

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