Xolo adds digital banking to business management tool

Xolo is an Estonian FinTech that wants to make launching and running a small business accessible for all. Entrepreneurs, digital nomads, and contractors can use Xolo’s digital platform to launch a virtual micro-business remotely and securely in the EU. More than 40,000 solopreneurs in over 100 countries have signed up to use their self-service based, highly automated management solution.

Connecting and enabling players in the gig economy is a huge market—valued at $204 billion in 2018—with a compound annual growth rate of 17%. FinTechs like Xolo are helping freelancers join the market faster than ever. To enhance their business management product Xolo Leap, Xolo was looking to offer their customers online banking services. Before working with Wirecard, Xolo customers had to travel to Estonia to open a bank account or find an e-money provider for their business finances. This meant that Xolo users had to set up their business finances separately from the platform.

Xolo decided to use the Banking-as-a-Service solution (BaaS) from Wirecard to expand their platform’s services. In order to create a successful partnership, Xolo integrated to our API-accessible banking platform with extensive tests in all potential use cases. We also ensured that the solution complied with the new PSD2 regulations.

With Wirecard acting as BaaS provider, Xolo can offer their customers full-service digital bank accounts that they can set up directly on the Xolo platform. Users can send wire transfers or direct debits and receive SWIFT payments online, and are notified about insufficient funds thanks to an enhanced implementation from Wirecard.

We also leveraged our issuing license to provide Xolo’s users with corporate Mastercard debit cards for their business transactions. These cards come with additional fraud and risk management services, issuing processing and extensive card management services.

By leveraging the BaaS offering from Wirecard, Xolo covers every aspect of their customers’ business needs. Xolo users can now virtually open a business bank account within 48 hours, receive a corporate debit card, and effectively manage their banking, tax and compliance activity via a unified dashboard. With this important step forward with Wirecard, Xolo is making it easier and faster than ever to launch and manage a digital micro-business.

Allan Martinson, CEO at Xolo, said, “This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of micro-businesses to get to market quicker and without the bureaucracy.”

Want to take advantage of this solution for your business? Sign up for xolo now!