The partnership will enable high net-worth (UHNWI) clients to make multi-currency payments globally
Fortu Wealth – a London-based fintech providing a revolutionary 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 today announced that it has partnered with Currencycloud, a leading 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 revolutionize 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 everchanging 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and CEO, Azamat Sultanov, said: “For too long, our customers have had to deal with slow legacy technology and an outdated approach when it came to making international payments.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 commented: “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.”
Notes to editors
Fortu is a London-based wealthtech startup based in Level39 Canary Wharf, making payments and investments efficient and simple for wealthy individuals and their businesses. Fortu is founded by Firdavs Shakhidi and Azamat Sultanov, founders of boutique asset management group with AUM of $500 million USD, who previously worked with UBS, EFG, Julius Baer and Pictet.
Fortu is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution.
Moving money around the world is hard. Setting up overseas bank accounts and dealing with distinct regulatory regimes takes up time, money, and resources. Currencycloud removes that pain, helping customers achieve their ambitions sooner than they dared dream. With a global, multi-currency account infrastructure, customers are able to collect, convert, pay and manage multiple currencies, anywhere in the world. Launched in 2012, Currencycloud has processed more than $65bn to over 180 countries, working with banks and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam and Cardiff, Currencycloud works with partners including Visa, Dwolla, and Mambu to deliver simple, clear financial infrastructure solutions for clients. They are regulated in the UK, US, and the EU.