Airwallex just added a new product to their line-up called Yield.
👉 Background: Airwallex is the Australian fintech that offers businesses cross-border transactions. Since 2015, it has become the Australia's second most valuable start-up with a valuation of $8.3 billion.
👉 What happened: Now, Airwallex just added a new product to their line-up called Yield. It's meant to provide businesses with cash returns on local and foreign currency without having to open an overseas bank account.
👉 What else: But it's not a savings account. Airwallex will take business' and invest the money to generate these targeted returns. It's the old quasi-savings, quasi-investment account.
💡While personal saver accounts get the VIP treatment, business bank accounts are left lining up behind the velvet rope.
💡Right now, you can earn more than 5% interest on your personal money. However, the average rate on a business saver account is about 1.38%. Not exactly a juicy return.
💡So companies like Airwallex are starting to offer new products to businesses that aren't quite savings accounts (ie no government guarantee), but also not quite high risk investments either.
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