From now Xolo offers all new customers of Xolo Leap a fully-licensed German bank account, available online through Xolo platform. The banking functionality is provided by Wirecard.
This has removed the last obstacle for a quick and seamless launch of an EU company through Estonia’s e-Residency program. Previously, the customers either needed to travel to visit the bank or opted for using e-money providers such as TransferWise.
“We have been working towards this day for more than a year. While getting e-Residency and incorporating a company is fairly easy, getting a bank account has been a major hurdle. Needless to say, this has been the number one service our customers have been asking for,” said Xolo CEO Allan Martinson.
Over 30,000 solopreneurs globally have signed up with Xolo. They are launching either their fully-owned, Estonian-registered companies or using Xolo’s unique partnership-based “virtual company” model. Xolo manages a third of companies incorporated by Estonia’s e-residents. “This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs,” said Martinson.
The cooperation with Wirecard follows a successful Series A funding round, the launch of the “virtual company” service and the roll-out of a mobile app in 2019.