Fintech TransferWise is moving forward with its plan to reach neobank status, by rolling out its Borderless service to more countries.
Borderless accounts for freelancers and SMBs are now available for Canadian customers, the U.K.-based fintech announced today.
The Borderless service, which was first introduced in May, allows businesses to receive payments and transactions like they have a local bank account within another country. Canada joins Europe and the U.K. on the list of countries this service is available, as well as the U.S., where TransferWise is rolling out the product state by state.
After receiving their local account details (like a unique account and routing number, for the U.S., Europe, and the U.K.), businesses can transact seamlessly with their customers across the globe. Businesses are also able to transfer money between 27 separate currencies.
Most notably, these accounts will soon come with a physical debit card, allowing Borderless users to make payments to international parties, buy international goods, and will also provide travel benefits, according to company statements.
The card, which will turn TransferWise from a simple money-transfer service to a neobank, has a planned 2018 rollout and will be available for both business and consumer users.
Read More: MarketWatch and Canada Newswire.