ABN Amro launched their third fintech in the past six months, last Tuesday, named Franx. The fintech is targeted at SME entrepreneurs in the Netherlands that engage in international business. Franx is developed to make international payments faster and easier.
Streamlining international payments
After previous investments by ABN Amro in New10 and Prospery, Franx is the third fintech to be launched by ABN Amro in the last six months. Franx is a digital platform for currency transactions and international payments. The fintech offers clients a single multi-currency account with a single IBAN, which can be used to send and receive payments in 26 different currencies.
In the Netherlands, there are around 50 000 SMEs doing business in countries with non-euro currencies. In addition to executing payments, Franx allows clients to hedge their currency risk. “Franx enables its business clients to manage their affairs quickly, conveniently and cost-efficiently,” according to Franx’s Executive Director, Hatim Chebti.