Firstbase Startup Platform Adds Wise to Initiate Instant Cross-Border Payments

Rhea-AI Summary

Firstbase partners with Wise to integrate the Wise Platform API into Firstbase Loop, enabling newly incorporated businesses to send international payments quickly and affordably. This collaboration offers businesses a streamlined account creation and verification process, enhancing their ability to manage cross-border transactions. Wise currently processes over $8B in transactions monthly and is trusted by 13M users globally. This integration aims to alleviate the complexities of international payments, a common concern for many small businesses operating worldwide.

Positive

• Partnership with Wise enhances international payment capabilities for Firstbase users.
• Wise's technology allows businesses to send money at lower costs than traditional banks, potentially increasing customer satisfaction.
• Over 13 million users and $8 billion in monthly transactions through Wise indicate strong market trust and reliability.

Negative

• None.

Integrating Wise into Firstbase Loop ensures newly incorporated companies can securely and rapidly send international business transfer payments at lower costs than traditional banks

NEW YORK--(BUSINESS WIRE)-- Firstbase, the first all-in-one OS that allows anyone to incorporate a U.S. company and manage their entire business on a single platform, today announced a partnership with Wise (LON: WISE)—the global technology company that built the best way to move money around the world—to integrate the Wise Platform API into Firstbase Loop. Now any business can experience seamless account creation and verification with Wise directly through the Firstbase platform. Firstbase makes it easy for anyone in the world to incorporate a company in the U.S., while Wise makes it possible to instantly move money abroad more with lower exchange fees and other costs than traditional banking solutions. The tens of thousands of existing businesses on Firstbase now have a fast and affordable way to send money internationally, joining the 13M people and businesses using Wise—processing over $8B in cross-border transactions every month and saving customers over $1B a year by using the real exchange rate.

Research conducted by Wise discovered that 46% of small businesses around the world operate internationally. Over half (51%) reported that the complexity of making and managing international payments is a major deterrent to either venturing or further expanding overseas. Ninety-five percent of the companies that incorporate with Firstbase onboard a business banking product. Over 80% of these companies that incorporate using Firstbase come from 180+ countries, with the largest markets including India, the United Kingdom, Nigeria, Pakistan, and Canada. As such, Firstbase customers require a cross-border, multi-currency financial solution that keeps pace with their company’s global footprint. Now with Wise seamlessly integrated into Firstbases’s all-encompassing platform, affordable international payments are readily available to match the digital demands facing today's founders.

“Wise ensures that all businesses have a trustworthy and transparent solution to send money abroad, which is now accessible within the Firstbase operating system,” said Ryan Zagone, Americas Partnerships Lead at Wise. “By integrating with Firstbase Loop, newly incorporated companies around the globe can now send money safely and with ease.”

“The global reach of Firstbase companies means we need financial solutions that work across the world, and that’s exactly what Wise offers our platform,” said Firstbase CEO and founder Mark Milastsivy. “Now any U.S. entity that Firstbase serves has an international money transfer solution they can count on with Wise.”

About Firstbase

Firstbase is the first all-in-one company OS that helps anyone launch, grow, and manage a U.S.-based business. With a growing suite of products, Firstbase makes it easy for founders to incorporate their business, access critical growth tools, and manage their company from a single online dashboard—no matter where they are located anywhere in the world. More than 15,000 founders from over 180 countries trusted Firstbase to help them launch their business. Start and grow your company in minutes at https://www.firstbase.io/

About Wise

Wise is a global technology company building the best way to move money worldwide. With the Wise account, people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money. 13 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month, saving customers over £1 billion a year.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005312/en/

Peter Weltman

peter@mow.media

Chris Monteiro

chris.monteiro@wise.com

Source: Firstbase

FAQ

What is the partnership between Firstbase and Wise about?

Firstbase has partnered with Wise to integrate its Platform API into Firstbase Loop, providing businesses with a seamless way to manage international payments.

How does Firstbase help businesses incorporate in the U.S.?

Firstbase simplifies the incorporation process for businesses globally, allowing them to launch and manage U.S.-based companies from a single platform.

What are the benefits of using Wise for international payments?

Wise allows businesses to send money internationally with lower fees than traditional banks, enhancing cost-effectiveness.

How many transactions does Wise process monthly?

Wise processes over $8 billion in cross-border transactions every month.

Who can use the Firstbase and Wise integration?

Any newly incorporated business using Firstbase can access the Wise integration for international money transfers.