- Australian superapp Bano has selected Currencycloud to facilitate low FX rates.
- Integrating Currencycloud’s API offers Bano users access to Currencycloud’s low FX rates, which makes investing in the U.S. stock market more accessible for Bano users.
- “Bano is committed to simplifying financial management for Australia’s GenZ and Millennials,” said Bano Head of Financial Markets and Treasury Randall Maccan.
Visa-owned Currencycloud announced this week it has been selected by Australia-based superapp Bano. Bano will leverage Currencycloud’s FX Converter to facilitate remittances for its Millennial and Gen Z users.
Bano is a digital banking app regulated by ASIC and AUSTRAC. The startup, which is is accessible in over 180 countries, offers physical and virtual Visa debit cards with features such as bill-splitting, fund requests, FX conversions, cashback, rewards, and multi-currency accounts.
Integrating Currencycloud’s API offers Bano users access to Currencycloud’s low FX rates and low AUD to USD conversion rates. This low conversion rate will make investing in the U.S. stock market more accessible for Bano users.
“Bano is committed to simplifying financial management for Australia’s GenZ and Millennials,” said Bano Head of Financial Markets and Treasury Randall Maccan. “Enlarging the breadth of our superapp services with products like the FX Converter is a key part of this mission. Our partnership with Currencycloud has meant we can create a product that will provide a much-needed service for our customers, especially international students in Australia.”
Founded in 2012, Currencycloud facilitates cross-border, multi-currency transactions. The London-based company has processed more than $100 billion to over 180 countries for bank and fintech clients including Starling Bank, Revolut, Penta, and Lunar.
In July of last year, Visa snapped up Currencycloud in a deal that valued the company at $963 million. Last October, the company partnered with Plaid, embedding Plaid’s Payment Initiation Services into its own solution to allow customers to fund their accounts without ever leaving the platform.
Photo by Nataliya Vaitkevich
