FinTech startup Wise, a banking and payments service provider has raised $5.7M from its seed round of financing led by Base10 Partners
Fremont, CA: FinTech startup, Wise, raised $5.7M from a seed funding round. The banking and payment services company prioritizes to modern businesses and provides assistance. The seed round was led by Base10 partners's Rexhi Dollaku. Abstract Ventures, Backend Capital, The Fund, Two Culture Capital, and notable angels such as Michael Vaughan, Jonathan Weiner, Lawrence Chu, Inaki Berenguer and others also participated in the round.
"Modern businesses are increasingly digital, but their banking experience is still frustratingly physical," said Arjun Thyagarajan, Co-Founder and CEO of Wise. "Businesses that bank with Wise get access to their hard earned cash faster, in a delightful, modern banking experience that's designed for them - all without ever stepping foot in a bank branch."
[vendor_logo_first]Pushkar Phatak, owner of e-bikes store Watt Wagons that is built on Shopify, commented, "Wise has changed how I run my business. With Wise, I can access my business' cash faster, and it's integrated entirely into my Shopify experience. Now I can worry less about banking and spend more time on what I enjoy - building bikes."
"We are excited to embed our banking functionality directly into digital platforms or ecosystems that create or service businesses, like Shopify," said Arjun. "For too long, these platforms have forced their customers to work with banking providers that are not designed for their business or integrated into the platform. We will be launching more of these platform developer tools so that digital platforms can, for the first time, create a modern, delightful banking experience for their customers too."
In addition to the funding, Wise is excited to welcome Raghav Lal - former Chief Credit Officer at American Express and General Manager of Small Business at Visa - as President. Raghav commented, "Over the last two decades, I've proudly served small businesses. I look forward to working closely with Arjun, executing on Wise's vision of embedding banking functionality into digital ecosystems, and ultimately helping small businesses accelerate their cashflow and succeed."
The funding followed the launch of Wise's FDIC-insured business checking account in partnership along with BBVA. Wise, at present produces more than a thousand modern businesses. Wise's mission has been to support businesses that are ambitious in every step of way.
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