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Multi-Currency Deposit Account to Be Introduced; Designed for Mobile Lifestyles and People Who Live, Work or Travel Across Borders
WSFS Financial Corporation (Nasdaq:WSFS) the parent company of WSFS Bank (WSFS) announced today that WSFS has formed a Strategic Alliance with ZenBanx Holding Ltd. (ZenBanx), the marketing, technology and bank service provider founded in 2012 by Arkadi Kuhlmann (founder and former CEO of ING Direct Canada and USA) to offer the ZenBanx Account in the United States. The ZenBanx Account, which will debut later this year, is a mobile, multi-currency account that will allow consumers to hold balances denominated in up to five currencies in a single account while providing account holders with the ability to conveniently and securely transfer funds domestically or internationally and among currencies.
“The ZenBanx USA venture is fully aligned with our strategic goals and culture – service, growth, innovation, best practices, talent development and high performance,” commented WSFS President and CEO Mark A. Turner. “We have been working in partnership with ZenBanx for the last seventeen months, and are excited about this alliance and the opportunity to bring this leading-edge product to market.”
Created to meet the financial needs of mobile savvy consumers who live, work or travel across borders, the primary target markets for the ZenBanx Account are foreign professionals living in the United States, frequent travelers, international students studying in the United States, and immigrants that want to maintain their family and financial ties to their countries of origin. The ZenBanx Account will offer the option of accruing interest on the currencies held and provide Customers the ability to send funds internationally at a competitive market rate.
“I couldn’t be more delighted and honored to be working in a Strategic Alliance with the team at WSFS,” said Arkadi Kuhlmann, Founder and CEO of ZenBanx. “Introducing the ZenBanx Account later this summer will be an exciting milestone as it combines the convenience of a mobile offering; the security of a regulated bank; and significant value over the competition. I believe consumers will appreciate the simplicity, security and value, all in the palm of their hand.”
The Strategic Alliance with ZenBanx Holdings Ltd. is expected to be slightly accretive to WSFS results in 2015. Account balances will enhance WSFS liquidity and WSFS will gain moderate spread income improvement coming from replacing higher cost wholesale funding with these lower cost deposit accounts. ZenBanx will also cover the costs associated with offering the ZenBanx USA Account. WSFS will receive a 9.9% equity stake in ZenBanx USA.
Mr. Turner continued, “By teaming up with ZenBanx, we’re partnering with some of the top minds in the banking, payments and financial technology space. We’ll be deeply involved with and see the financial upside of the best talent, the latest technology and processes for mitigating risks (utilizing biometrics, location analytics, device-specific identification) and driving mobile and social marketing. All of these factors will help us continue to grow as an organization and better serve our Customers and communities.”
