Melbourne travel and banking app Pelikin has partnered with global finance technology provider Tuxedo Money Solutions, to deliver the startup’s multi-currency prepaid debit card offering.
Specialising in prepaid and alternative finance solutions, Tuxedo will power the payment technology and prepaid card offered by Pelikin.
Founded in 2006 in the United Kingdom, Tuxedo has now grown through exciting partnerships, hosting transactions in over 200 territories worldwide and processing just under $2 billion in card loads.
Technical Director of Tuxedo Nicholas Holt shared that he is excited to partner with such a cutting-edge startup.
“We’re very excited to partner with Pelikin and be a part of their journey, as well as expanding into the growing Australian market.”
“There’s an enormous opportunity for distributive payment technology in Australia, as the market is more than ready for a mobile only product like Pelikin that removes the friction and big fees that are generally linked to accessing and spending money overseas.”
Alongside Tuxedo’s experience and market knowledge, Pelikin founder Sam Brown said that the decision to partner with Tuxedo came down to their superior technological capabilities.
“We headed to London earlier this year to meet with Tuxedo, and from the outset the synergies between us were clear; from payment processing to connecting with a trusted ADI partner.”
“Tuxedo’s infrastructure is going to allow us to make travel and everyday banking a more seamless experience for millenials in Australia.”
“At the core of it, we are just a group frustrated travellers who are trying to build the perfect travel and banking product in Australia, and gaining the trust of a major global player like Tuxedo has given us strong validation for Pelikin.”
Sam also added the partnership allows Pelikin to maintain its focus on building a superior mobile banking banking experience for its future users.
“Our goal at Pelikin has always been to get our product in the hand of Australians early on, listen to their feedback and make sure we’re absolutely perfect, before we go down the arduous and expensive path of assuming our own banking licences.
“The partnership with Tuxedo Solutions is allowing us to do exactly that, and we can now scale even faster with a strong and compliant financial infrastructure behind us “ said Sam.
Pelikin will be launching their app and prepaid debit card later this year and will be crowdfunding next month on the Birchal platform.