Xolo and Wirecard partner on bank account for entrepreneurs

Xolo Leap is a fully licensed German bank account, available online through its platform for entrepreneurs, with the banking functionality provided by digital fintech Wirecard

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Xolo and Wirecard partner on bank account for entrepreneurs

Estonian firm Xolo, whose company management platform offers entrepreneurs a quick and easy means of launching in the EU, has partnered with Wirecard to create a dedicated bank account for its customers.

Xolo Leap is a fully licensed German bank account, available online through its platform for entrepreneurs, with the banking functionality provided by digital fintech Wirecard.

A particular attraction of Xolo for its more than 30,000 users is Estonia’s e-residency programme, which enables digital entrepreneurs to start and manage an EU-based company online.

They can launch a fully-owned, Estonia-registered company, or use Xolo’s partnership-based virtual company model. Xolo manages a third of companies incorporated by Estonia’s e-residents.

Until the launch of Xolo Leap, these users either needed to travel to visit a bank to open a business account or opt for using e-money providers such as TransferWise.

Leveraging Wirecard’s banking licence, Xolo users can virtually open a business bank account within 48 hours, receive a Wirecard-issued debit card, and be able to effectively manage their banking, tax and compliance activity via a unified Xolo operation centre.

Business banking will be available for clients all over the world, with users able to manage their accounts, including making payments, seeing bank statements, managing account parameters, and more, through Xolo’s online platform.

Xolo chief executive officer Allan Martinson: “We have been working towards this day for more than a year. While getting e-residency and incorporating a company is fairly easy, getting a bank account has been a major hurdle. Needless to say, this has been the number one service our customers have been asking for.”

Commenting on the partnership with Wirecard, Martinson added: “This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of solopreneurs to get to market quickly and without the bureaucracy.”

Leonard Coen, head of sales for financial institutions and fintech in Europe at Wirecard, said: “We are pleased to support Xolo’s ecosystem of business users with a streamlined and integrated payment and banking experience which will allow them the freedom to innovate and harness the success they seek.”

The partnership follows a successful series A funding round for Xolo, the launch of its virtual company service, and the roll-out of a mobile app in 2019.

Wirecard, meanwhile, recently partnered with the Union Bank of the Philippines to make banking services more convenient and efficient for corporate customers in the country.