FairFX enters territory of SMB Banking and international payments

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Nigel Frith
Nigel Frith
Former Global General Manager
Nigel was the Global General Manager at FXcompared. Nigel has a background in marketing for businesses and consumers as well working in a variety of online financial services roles. Read more

FairFX is making its way into business banking industries. According to reports, the company is planning to launch a small business account.

Titled Fair Everywhere, the company intends to launch the new business account at some point in early 2018. The solution was designed to offer banking services to small businesses. It will also have global payment and foreign exchange capabilities.

Ian Strafford-Taylor, CEO of FairFX, made a statement regarding the new business steps the company is taking, mentioning that the functionality of international payments makes a real difference compared to what other service providers have on offer.

He added that the company already has plans to incorporate other types of services as well, which are tailored toward answering the needs of small and medium businesses. He believes that by making a minor change in banking providers, a huge difference in the bottom line can be realised.

FairFX’s solution is a new card that gives its users 3.5% cashback when spending at major retail providers. In order to provide competitive international payments pricing, it is connected to FairFX’s exchange rates.

In August, the company decided to close a deal estimated to be worth $19.5m when acquiring CardOne. Last year, they also announced that they raised nearly $7.5m which will go towards strengthening the company’s position in the corporate banking market. Entering the small business financial services territory comes shortly thereafter.

At the time, Strafford-Taylor commented that with the help of this investment, the company would have the needed resources to execute their land-grab strategy in 2016 and the upcoming years, aggressively making its way into the corporate card space. This represents a major endorsement of FairFX’s business model and solidifies the amount of success the company has had thus far.


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