FinTech Startup Debuts Worldly Accounting Platform

FinTech startup WB21 is launching its international accounting service to a select number of customers.

In an announcement made late last week, WB21 said it has rolled out its service for users across seven countries in a move that will see the gradual release of its accounting platform in six languages.

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WB21 provides cross-border payments services and international account opening support for both businesses and individuals. The platform is Web-based and compatible with mobile devices, the firm said, and can support international banking needs for businesses in 18 currencies.

Businesses sending money to overseas bank accounts can pay one-tenth that of traditional bank fees, WB21 said, while recipients can see those funds “instantly” in their bank accounts. The platform provides real-time analysis into these transactions.

The service is also linked to a virtual card or a physical MasterCard debit card for purchases and cash withdrawals across jurisdictions. All funds are held at Swiss banks, the company noted.

“It has always been our vision to create a digital platform that defines the standards of cross-border banking on a global scale,” said the startup’s founder and CEO, Peter Arnold, in a statement. “The current solutions at traditional banks make it very difficult and expensive for international clients to open accounts and send payments cross-border. We have spent the last 12 months to build a unique, unparalleled solution to solve that problem!”

Already, the company is working with 180 business and individual clients, the firm added. The initial rollout of WB21 services will be in English, German, French, Spanish, Portuguese and Greek languages in an effort to target these jurisdictions.

According to Arnold, these regions “have the highest level of bad user experiences and overpriced retail banking in the EU.”