- Spanish bank provides initial funding for Denizen, fintech that hopes to simplify international funds transfers with global platform
- Service currently available in Spain and the US, with plans to add several EU countries and the UK later this year
Fintech newcomer Denizen has received backing from Spanish bank BBVA in an effort to streamline and simplify global payments for customers.
Denizen says it has succeeded where others have failed, creating an international payments platform that lets users receive money in one country and immediately pay it in another, thereby avoiding transfer and currency exchange fees.
Initial funding for Denizen's platform wasn't officially disclosed, but the capital was provided by the New Digital Business group at BBVA – a Silicon Valley-based incubator that helps fintech startups not only disrupt traditional banking channels but also incorporates digital innovation into BBVA's existing products and services.
Sending cross-border payments can be particularly complex and inconvenient for migrant workers, immigrants, expats, travelers, students and others who spend significant time in foreign countries. Many of these people are forced to maintain different bank accounts in multiple countries, transferring funds back and forth in order to pay bills, make deposits, make purchases or share money with friends and family back home. These transactions are usually hit by high fees and delays in fund availability.
“National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce," said Joaquin Ayuso de Paul, Denizen's co-founder and CEO. "By delivering the world's first truly borderless account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel."
Denizen is currently available to customers in the US and Spain, and the fintech has plans to expand the service to as many as 10 EU countries and the UK later this year.
