Fortu Wealth – a London-based fintech providing an all-in-one personal finance platform for high-net-worth individuals and a B2B banking-as-a-service (BaaS) solution for private banks and wealth managers – has partnered with Currencycloud, a provider of B2B embedded cross-border solutions, to allow its clients to make multi-currency payments globally through its Currencycloud Spark solution.
The modern world is increasingly interconnected and interdependent, with capital flowing across a variety of different jurisdictions as consumers manage their money. Unfortunately, much of the corresponding infrastructure used by the financial services industry has yet to catch up to this reality, and for many the process of making payments in foreign currencies is both slow and expensive.
Sharing a common mission of wanting to simplify the process of financial management, Fortu and Currencycloud have come together to provide a solution to this issue. The partnership will see Fortu customers now gain access to leading foreign exchange rates, international payments in all major currencies, as well as the provision of virtual IBANs through Currencycloud Spark.
The partnership represents the latest development on Fortu’s journey to revolutionise the worlds of private banking and wealth management. In a sector fraught with inertia, Fortu has created a groundbreaking all-in-one financial solution which meets the ever-changing needs of the busy UHNWI millennial, signing up Swiss Banking Group as a pilot customer for their BaaS product.
Speaking on the partnership, Fortu co-founder and CEO, Azamat Sultanov, says: “For too long, our customers have had to deal with slow legacy technology and an outdated approach when it came to making international payments. The partnership will allow all Fortu users to be truly global in their approach, making cross-border payments seamlessly.”
Nick Cheetham, Chief Revenue Officer at Currencycloud, says: “Private banking has been the reserve of a select few traditional names, but Fortu is changing the dynamic of the industry and appealing to a broader, digital audience that has been under-served by traditional institutions. We are thrilled to be working with Fortu to help deliver a 21st century solution for their customers.”
