SYDNEY and SINGAPORE, March 25, 2024 /PRNewswire/ -- Weel, Australia's leading spend management platform, and Nium, the leader in real-time cross-border payments, today announced a new strategic partnership to help finance teams better manage their corporate spend. Nium will serve as Weel's preferred financial services provider, offering a comprehensive suite of products that will enable Weel to accelerate its global growth and customer offering. A cornerstone of this is Weel's partnership with Visa to introduce Visa Business Debit Cards across the program.
Weel is the fastest growing spend management platform in Australia, processing over $500m of payments each year for small and medium sized enterprises (SME) and is used by global industry leaders such as Canva and Eucalyptus. Weel enables its customers to quickly issue Visa-backed digital cards to their employees for business purchases. These cards are fully integrated with a web and mobile platform that allows finance teams to control spending, manage receipts and synchronise transactions with their accounting platform.
Weel's partnerships with Nium and Visa provides a strong foundation for Weel to take its highly successful product offering to overseas markets. Nium's end-to-end solution and licensing in over 40 markets, coupled with Visa's acceptance in over 200 markets, will enable Weel to pursue a faster go-to-market strategy as it enters new countries.
Nium's infrastructure and capabilities will also play a key role in helping Weel expand its payment offerings. Weel currently supports bill and reimbursement payments to recipients in Australia and with this partnership, customers will be able to make payments globally and in real-time (depending on the market they are sending to), as well as convert currencies and hold balances in multi-currency wallets. This new functionality will empower Weel customers to better engage with international suppliers and to foster stronger global trade relationships.
Anupam Pahuja, EVP of APAC and Middle East at Nium, said, "Our collaboration with Weel underscores our commitment to empowering global platforms through best-in-class payment infrastructure. At Nium, our foundational payments framework provides Weel with advanced solutions to simplify financial management for SMEs navigating a swiftly changing market landscape."
The Nium partnership immediately unlocks multiple benefits for Weel customers, particularly those with international needs, including highly competitive FX rates and widely accepted Visa Business Debit Cards. In the coming months, customers will also be able to access physical cards, which are more widely accepted by merchants.
Weel's CEO, Daniel Kniaz, added, "This partnership with Nium is an important milestone for Weel, enabling us grow in alignment with our customer needs. It means we can now deliver even more value to our customers, helping them navigate the complexities of spend management effortlessly."
Andrew Buchanan, Head of Digital Partnerships, Visa Australia, New Zealand and South Pacific said: "We are thrilled by this partnership as it demonstrates how innovative payment solutions can improve user experiences all over the world. Instant issuance of digital cards is an exciting step forward, as it means employees can use their cards right away. Being able to use Visa Business Debit cards in a digital or physical format opens more possibilities for businesses to modernise their payments processes.
The partnership is fully operational today and available to new customers at https://letsweel.com
About Nium
Nium, the leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance - independent of geography. The company is co-headquartered in San Francisco and Singapore.
About Weel
Weel (formerly DiviPay) is Australia's leading spend management platform. Weel provides an all-in-one virtual business card and spend management platform that enables finance teams to better manage, control and streamline spending across their organisation. Weel's easy-to-use web and mobile app includes digital cards, bill payments, card controls and budgeting, a real-time transaction feed, automated spend reports, powerful accounting integrations, subscription spending management and reimbursements. Weel is based in Sydney and was founded in 2016. The company most recently raised a $20 million Series A funding round in 2021 from a number of global fintech investors. Customers have used the Weel platform to process over $1 billion in business payments.
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