Denizen Launches World's First True Global Account for Banking

SAN FRANCISCO, March 26, 2018 /PRNewswire/ -- Denizen today unveiled the first true global, borderless account for expat banking which allows customers to receive money in one country and pay it out in another immediately, avoiding international transfer fees and eliminating currency exchange fees.

Designed for modern, mobile populations, the Denizen global banking platform makes managing finances across borders fast, easy and more affordable.

Today, country-specific regulations, currencies and settlement times effectively halt the free flow of money around the world. This results in additional time, stress and fees for world travelers, expats, immigrants and other global populations.

Denizen is a unified, borderless platform for banking. Its newly launched global account is the first product in a planned family of Denizen solutions designed to eliminate the cost, uncertainty and hassle of international banking today.  A Denizen account offers a no FX fee and no bank-owned ATM fee debit card and features a mobile app for on-the-go money management.

"National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce," said Denizen co-founder and CEO Joaquin Ayuso de Paul. "Denizen is on a mission to simplify banking for global citizens. By delivering the world's first truly borderless account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel." 

Expats, immigrants and frequent world travelers are often forced to maintain multiple accounts across countries, and then transfer money between them to pay bills, deposit payments, and more. This results in significant fees and even delays access to funds.

Denizen is co-founded by Joaquin Ayuso, the former co-founder and CTO of Tuenti, described as "the Spanish Facebook".  Denizen's initial funding round was provided by BBVA's New Digital Businesses unit, which is incubating startups in its Silicon Valley-based fintech lab in an effort to foster disruption in the banking sector and learn from those innovating the future of financial services. BBVA created New Digital Businesses to enable partnerships with entrepreneurs to be forged, and to offer the support of services the bank could provide around issues like legal and regulatory affairs.

Ian Ormerod, General Manager of New Digital Businesses at BBVA, said, "As someone who has lived and worked in a number countries globally, I know first-hand how difficult it is to manage money across borders. Denizen solves a very significant problem for more than 50 million expats and 250 million migrants.

Denizen is currently available to expatriates living in Spain and the United States. The service is set to expand in 2018, adding as many as ten top European Union countries in the second half of the year as well as the United Kingdom. Denizen will also continue to expand its product lineup with new credit and banking solutions.

"There are tens of millions of expats across the world for whom banking is a logistical nightmare, and they deserve a quality, responsibly designed product that is easy to use and saves them money. Denizen is that solution," Ayuso said.  

Initially marketed to expats, Denizen is ultimately envisioned as a solution for anyone that must manage finance across borders, including refugees, immigrants, and frequent travelers. 

For more information about Denizen or to join, please visit: http://www.denizen.io.

About Denizen

Denizen is a unified banking platform and the first true global account, making financial decisions and money management across borders fast and easy. Designed for the global citizen, Denizen removes the hassle, stress and fees of traditional international banking through a single platform and account that unifies currency exchange, deposits, payments and transfers for complete financial visibility. Denizen enables immediate access to your money, does not charge wire transfer or currency exchange fees, allows you to freeze and unfreeze cards from a mobile app, provides a no bank-owned ATM fee global debit card, and allows you to view your global Denizen balance at-a-glance. Headquartered in San Francisco, you can learn more about Denizen at http://www.denizen.io.

About BBVA

BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. 

BBVA's NDB unit invests in, partners with, incubates and acquires disruptive financial technology firms as part of BBVA's focus on delivering innovation in the banking sector. From its offices in Madrid, San Francisco, Hong Kong and London, NDB is actively searching for leading, innovative businesses to shape the future of the sector. Through NDB, BBVA has acquired Simple (U.S.), Holvi (Finland) and Openpay (Mexico) and owns a substantial stake in Atom (UK). It has incubated a number of fintech startups including, Azlo, Covault, Denizen, and Muno. BBVA also invests in fintech through its venture capital arm, Propel Venture Partners.

SOURCE BBVA