FairFX Launches Its Small Business Current Account

FairFX has launched its small business account after announcing plans for such a solution late last year.

In a press release covered by WebFG Wednesday (June 27), FairFX announced its global current account for SMB customers, Fair Everywhere. The tool provides “everyday” business banking features and supports cross-border transfers.

The solution will first roll out to an initial 1,000 small business customers before broader expansion. FairFX said it also plans to introduce new subscription tiers in the future.

“We’ve brought together the best of both our banking and currency platforms and kept it simple with a straight-forward, all-inclusive price of £50 [about $66.71] per month for a account that has been designed entirely to make it easier and cheaper for customers to manage their day-to-day finances,” said Chief Executive Ian Strafford-Taylor. “We know that most SMEs are not limited by their ambitions and, as such, they should not be limited by working with banks that penalize them with extortionate fees, complex pricing structures and poor service.”

In a press release sent to PYMNTS, FairFX said the current account enables businesses to make payments in more than 210 countries, and includes a chip-and-pin Mastercard debit card. The account is also accessible via mobile app.

The company noted that it will be self-issuing those cards following last year’s announcement that it joined Mastercard as a principal member. Strafford-Taylor said that this “gives us even more control over our supply chain to enhance the product and customer experience.”

FairFX first revealed plans to introduce a small business account service last November. At the time, Strafford-Taylor said that a key differentiator of the service is its global payments functionality.

“By making a small change in banking provider, businesses can make a big different to their bottom [lines],” he said at the time.

FairFX acquired CardOne last year for $19.5 million, reports said last August. The company said at the time it planned to raise $33.75 million.