Xolo makes business banking easy for e-resident solopreneurs and freelancers

New customers establishing a company with Xolo can now get a fully-licensed German bank account online

Updated 25 June 2020: Xolo has decided to suspend issuing new business banking accounts in Wirecard Bank from today as its parent Wirecard AG has filed for bankruptcy. Xolo is suggesting its new customers open accounts with either TransferWise or the Estonian bank LHV. For e-residents already a customer of Wirecard Bank, Xolo has assured e-Residency that it will continue its normal operations and “is not part of the insolvency proceedings”. Customers’ deposits held there are protected by two separate deposit guarantee schemes up to the amount of €19.7 million per customer. Read more at the Xolo blog.

A guest post by Xolo, a leading business administration service provider for freelancers and one-person businesses and a member of the e-Residency Marketplace.

Starting from this spring, Xolo offers all new customers establishing a company with Xolo a fully-licensed German bank account, available online through its platform.

This removes one of the main obstacles for a quick and seamless launch of an EU company through Estonia’s unique e-Residency program for freelancers, solopreneurs, and other one-person businesses. The banking functionality is provided by Wirecard, a global innovation leader for digital financial technology.

Fully-licensed bank account through Xolo

While e-Residency has enabled people to launch their EU company online and to run their businesses from anywhere in the world, this had not been the case for getting a business bank account. Previously, an e-resident had to either travel to Estonia at least once to set up a business bank account with an Estonian bank like LHV or set up a business account from e-money providers such as TransferWise.

Learn more about banking and payment options for e-residents at the e-Residency Knowledge Base.

Now, they can get a fully-licensed bank account online through Xolo when setting up their new Estonian company. In the words of Xolo CEO Allan Martinson:

“We had been working towards this day for more than a year. While getting e-Residency and incorporating a company is fairly easy, getting a bank account has been a major hurdle. Needless to say, this has been the number one service our customers have been asking for.”

All solopreneurs who are launching their Estonian companies through Xolo can apply for and get a bank account and a business debit card fully online, including passing the verification process. The bank accounts are opened and payment cards shipped within 48 hours. Customers can manage their accounts, including making payments, seeing bank statements, managing account parameters, and more — all via Xolo’s online platform.

Deposits up to €100,000 guaranteed

What’s more, business banking is integrated into the Xolo account which means that there is no separate fee for getting the bank account. Also, deposits are guaranteed up to €100,000 thanks to the European deposit guarantee.

Over 40,000 solopreneurs globally have signed up with Xolo. They are launching either their fully-owned, Estonian-registered companies or using Xolo’s unique partnership-based virtual company model. Xolo manages a third of companies incorporated by Estonia’s e-residents.

The partnership between Xolo and Wirecard is a significant step for Xolo and e-Residency as together we strive to establish a new virtual nation powered by e-Estonia for freelancers and solopreneurs. It will certainly help savvy e-resident entrepreneurs from around the world set up their integrated business structures much more quickly and seamlessly than previously possible.

See more information on Xolo’s website.

This was a guest post written by Xolo, a leading business administration service provider for freelancers and one-person businesses and an e-Residency Marketplace member. Learn more about partnering with e-Residency today.

Updated 25 June 2020: Xolo has decided to suspend issuing new business banking accounts in Wirecard Bank from today as its parent Wirecard AG has filed for bankruptcy. Xolo is suggesting its new customers open accounts with either TransferWise or the Estonian bank LHV. For e-residents already a customer of Wirecard Bank, Xolo has assured e-Residency that it will continue its normal operations and “is not part of the insolvency proceedings”. Customers’ deposits held there are protected by two separate deposit guarantee schemes up to the amount of €19.7 million per customer. Read more at the Xolo blog.