Customers will be able to make GBP and EUR payments and use cards. The e-money service launch follows a survey in which 65% of entrepreneurs said they would rate their current account provider 3/5 or less. When it comes to customer service, a majority of 65% rated their account provider as “average” or worse.
By giving SMEs and individuals access to the new e-money service, Greengage seeks to appropriately support each account holder through traditional and digital funding sources, as well as growing a broader web3 offering that will incorporate in-built API connections to other SaaS products, including embedded finance.
Greengage CEO Sean Kiernan said: “We’re delighted to launch our core e-money account service, which provides a compelling proposition for innovative companies who struggle to find accounts or appropriate support from traditional banking services
“Greengage’s goal is to be the best-in-class consistently. We have exciting plans to add more advanced technology solutions for entrepreneurs and SMEs of all stripes and offer additional service innovation under a full banking licence in the coming years”, Kiernan added.
Greengage is a provider of digital merchant services, offering wholesale, business-to-business lending against crypto asset exchange tokens. In April 2022, the company acquired Silver Lined Solutions, a Salesforce consultancy company.
Simon Jennings, executive director of the UK Cryptoasset Business Council, welcomed the new e-money service announced by Greengage.
“Companies involved in crypto assets face many obstacles when trying to access banking services from major banks. Consequently, they often have to settle for overseas accounts or considerably higher fees than other client groups”, Jennings said. “By launching e-money accounts designed for digital assets firms and innovative SMEs, Greengage is offering a service that is badly needed in the market”