Switzerland’s first fintech offering borderless multi-currency accounts to digital businesses will be delivered later this year.
Klarpay is among the first fintechs in the country to receive the FINMA authorisation under the Swiss Federal Banking Act Article 1b.
Client onboarding will begin in the second half of 2021, with Klarpay aiming to work exclusively with e-commerce, social media influencers and digital entrepreneurs.
The idea sprang from the frustration experienced by the founders, Martynas Bieliauskas and Mihkel Vitsur, who are seed funding the fintech. They found that many traditional financial institutions have reacted to growing compliance requirements from regulators by turning digital businesses away.
“What we witness is that innovative start-ups are forced to constantly chase financial solutions, while they should be focusing on developing their business,” says CEO Bieliauskas.
He adds: “We don’t want to invent anything new. Reliable solutions are out there. By building the best of breed payment products, we can offer these as an all-in-one package to online businesses.”
Klarpay’s proprietary technology offers over 436 payment acceptance methods across 96-plus regions, with the option to send funds to 169 countries in 65 locally preferred methods.