FairFX is stepping deeper into the world of business banking with plans to launch a small business (SMB) current account, reports said Tuesday (Nov. 28).
According to news from Proactive Investors, FairFX plans to launch its small business current account, Fair Everywhere, in early 2018. The solution will provide banking services to small firms as well as foreign exchange (FX) and global payment capabilities.
“The international payments functionality is a real differentiator compared to other service providers,” said FairFX Chief Executive Ian Strafford-Taylor in a statement, adding that the company is planning rollouts of additional services to small- and medium-sized businesses in the future. “By making a small change in [a] banking provider, businesses can make a big difference to their bottom [lines].”
FairFX’s SMB solution, Fair Everywhere, will provide companies with a card that offers 3.5 percent cash back on spending at major retailers, reports said. It also links SMBs to FairFX’s exchange rates to provide competitive international payments pricing.
The firm’s entrance into the small business financial services space follows its acquisition of CardOne in August, a deal achieved for $19.5 million, reports said at the time. It also follows the company’s nearly $7.5 million fundraise, announced last year, which the company said it would use to strengthen its position in the corporate banking market.
“As well as representing a major endorsement of FairFX’s business model and success to date, this investment provides the necessary resources to execute our land-grab strategy in 2016 and beyond and push aggressively into the corporate card space,” said Strafford-Taylor in a statement at the time.
Activist investor Crystal Amber Fund led the funding round.