Greengage Launches eMoney Account Service for UK Small Businesses

Greengage has launched an eMoney account service facilitating payments in British pounds sterling and euros.

This new offering from the United Kingdom digital merchant banking firm is designed for small and medium-sized businesses (SMBs), high net worth individuals (HNWs) and digital asset firms, Greengage said in a Tuesday (April 25) press release.

“We’re delighted to launch our core eMoney account service which provides a compelling proposition for innovative companies who struggle to find accounts or appropriate support from traditional banking services,” Greengage CEO Sean Kiernan said in the release. “Greengage’s goal is to consistently be the best-in-class and we have exciting plans to add more advanced technology solutions for entrepreneurs and [SMBs] of all stripes.”

Greengage’s new eMoney account service joins the digital merchant banking firm’s existing offering that includes dedicated relationship management and access to a B2B lending platform. The firm plans to add a broader Web3 offering that will include in-built application programming interface (API) connections to other software-as-a-service (SaaS) products, according to the press release.

With these offerings, Greengage aims to serve entrepreneurs who are not satisfied with their current bank account provider and are looking for better customer service, the release said.

For example, companies involved in crypto assets often must use overseas accounts or pay higher fees than other clients because they have difficulty accessing banking services from major banks, UK Cryptoasset Business Council Executive Director Simon Jennings said in the release.

“By launching eMoney accounts designed for digital asset firms and innovative [SMBs], Greengage is offering a service that is badly needed in the market,” Jennings said.

PYMNTS research has found that many banks in the U.K. are closing branches and investing in digital innovation to create new business models and customer value.

The shift is significant, with more banks moving toward end-to-end transformation to improve their IT, agility and innovation, according to “Banking’s Evolution From Digital-Plus-Physical to Digital-Everywhere,” the March edition of the “Digital-First Banking Tracker®,” a PYMNTS and NCR collaboration.

The report found that banks that can capitalize on this rapid change will be best suited to compete over the next decade.