Quid taps Currencycloud for multi-currency wallet for SMEs

2 months ago 9

Currencycloud has partnered with London-based Quid Global to launch Quid’s global wallet that supports businesses in their international development.

Quid Global is a digital ecosystem dedicated to SMEs founded in 2020. Focused on making entrepreneurs’ lives easier and more productive, the single sign-on platform helps them save valuable time at each stage of their journey.

EUR, GBP, USD, CHF, AUD, and NZD

Quid functions as a business and banking tool that supports SMEs in their day-to-day running of international business.

By integrating with Currencycloud, Quid will provide SMEs with a multi-currency wallet with the ability to initially convert between EUR, GBP, USD, CHF, AUD, and NZD currencies at any time.

The Global Wallet will allow customers to open multi-currency accounts with local and international account details in minutes and make international payments within 24 hours.

Quid can scale its global presence and quickly expand the number of currency accounts they offer its customers, and take advantage of new opportunities faster.

A huge need to process international payments seamlessly

Simon Byrne, Managing Director at Quid, said: “Our digital ecosystem is designed to reduce the time to market and let our customers manage core areas of their business from a single platform. The multi-currency Global Wallet we have developed with Currencycloud is a key product in our ecosystem to support the success of any new business and facilitate easy payments for our customers in many regions globally.

Nick Cheetham, Chief Revenue Officer at Currencycloud, commented: “Small businesses are increasingly operating globally and there is a huge need to process international payments seamlessly and cost-effectively. The partnership between Quid and Currencycloud offers even the smallest of businesses the opportunity to do just that.”

Visa acquired Currencycloud

It was in late 2021 that Visa completed the acquisition of Currencycloud after several kinds of partnerships since 2019. The deal valued the company at $700 million.

At the time, Currencycloud’s cloud-based platform already supported over 500 banking and technology clients with reach in over 180 countries. Since 2012, the firm processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar.

Based in London with offices in New York, Amsterdam, Cardiff & Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, the US, and the EU.

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