Embedded banking-as-a-service platform Wise secured $12 million in funding this week. The investment is its second one this year – Wise announced a $5.7 million seed round in April – and was led by e.ventures with participation from Grishin Robotics. The company, which made its Finovate debut last year at FinovateFall, said in a statement that the capital will be used to help fuel growth and accelerate partnership-building in a number of verticals. Wise now has raised a total of $18 million in equity financing.
“We built banking so our partners don’t have to,” Wise CEO and co-founder Arjun Thyagarajan said. “By embedding banking, Wise unlocks deep product offerings and better customer experiences for our partners. e.ventures built a thesis on exactly this, and we agree 100%.”
Wise offers an embedded banking experience that gives small businesses a seamless way to bank, as well as make and accept payments. Companies partner with Wise and leverage its all-in-one business banking solution to offer accounts to their own clients such as e-commerce platforms and marketplaces. In addition to providing a fully-hosted and fully-serviced banking experience, Wise helps companies bridge the gap between what they have traditionally received from banking services and what e.ventures partner Brendan Wales called “an Apple-like experience” brought to the world of business banking.
“Business banking has been broken for far too long. Poor user interfaces, payments delays, unnecessary fees, a lack of integrations, the list goes on and on,” Wales said. Now, cloud-based B2B companies can offer banking services in a matter of days with no coding involved and have the entire operation managed and maintained by Wise.
Wise demonstrated its small business-banking-in-a-box solution at FinovateFall 2019. A Techstars NYC company based in San Mateo, California, Wise was founded in 2018. Check out our profile of the company from earlier this year.