Xolo launches seamless banking in cooperation with Wirecard

Written by Xolo
on March 02, 2020

Xolo has suspended issuing new bank accounts in Wirecard Bank as of 25.06 as its parent company Wirecard AG has filed for bankruptcy. More information and full statement: https://blog.xolo.io/xolo-suspends-issuing-new-wirecard-bank-accounts

From this Monday, Xolo will offer all new customers of Xolo Leap a fully-licensed German bank account, available online through our platform. The banking functionality is provided by Wirecard, a global innovation leader for digital financial technology. 

This removes the last obstacle for a quick and seamless launch of an EU company through Estonia’s unique e-Residency program. Previously, the customers either needed to travel to visit the bank or opted for using e-money providers such as TransferWise. Now, they can get a fully-licensed bank account online through Xolo. 

Solopreneurs who are launching their companies through Xolo can now apply for and get a bank account fully online, including passing the know-your-client (KYC) process. The bank accounts are opened and payment cards shipped within 48 hours. Business banking will be available for clients all over the world. Customers can manage their bank accounts, including making payments, seeing bank statements, managing account parameters, etc. through Xolo’s online platform. 

“We have been working towards this day for more than a year. While getting e-Residency and incorporating a company is fairly easy, getting a bank account has been a major hurdle. Needless to say, this has been the number one service our customers have been asking for,” said Xolo CEO Allan Martinson.

Over 30,000 solopreneurs globally have signed up with Xolo. They are launching either their fully-owned, Estonian-registered companies or using Xolo’s unique partnership-based “virtual company” model. Xolo manages a third of companies incorporated by Estonia’s e-residents. 

“This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of solopreneurs to get to market quickly and without the bureaucracy,” said Martinson.

“We are pleased to support Xolo’s ecosystem of business users with a streamlined and integrated payment and banking experience which will allow them the freedom to innovate and harness the success they seek,” said Leonard Coen, Head of Sales, Financial Institutions & Fintech Europe at Wirecard.

The cooperation follows a successful Series A funding round, the launch of the “virtual company” service and the roll-out of a mobile app in 2019 as Xolo looks to expand its existing operations across Europe and globally, allowing more entrepreneurs to get to their chosen markets faster.