Wirecard, a Germany-based payments company, has teamed with Xolo which is a financial services company based out of Estonia to provide banking solution for entrepreneurs.

Under this partnership, Xolo’s clients will be able to use the banking services offered by Wirecard. The Xolo platform provides incorporation, taxation, banking and accounting services and also help businesses to set up and operate anywhere in the world. Leveraging on Wirecard’s banking license, the clients on the Xolo platform will not be to open a bank account under 48 hours and receive Wirecard-issued debit card. This can be used for making payments and receive them from other businesses.

“This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of micro-businesses to get to market quicker and without the bureaucracy,” said CEO at Xolo Allan Martinson.

The businesses on Xolo platform will be able to manage their banking activities, tax and compliance activity via a unified Xolo operation centre.