Broad
Broad is a fintech company based in London, specializing in banking and exchange services, offering a range of digital and physical card options for smart, fee-free spending in multiple currencies.
Company History
Broad launched in March 2021 and has quickly established itself in the fintech industry, specifically within the banking and exchange sub-industry. As part of the Y Combinator W21 batch, Broad has made significant strides within the industry. The company is registered in England and Wales as Broad Fintech Ltd with offices at 123 Buckingham Palace Road, London, United Kingdom, SW1W 9SH.
Services Offered by Broad
Broad provides a range of financial solutions including a virtual card for online and in-app purchases, and plans to introduce a digital card for online, in-app, and in-store purchases. The company also offers a plastic card for online, in-app, in-store purchases, and withdrawals. Broad’s services include smart spending in local currency to avoid hidden fees, currency exchange directly within the app for global currencies, and a calculator feature to estimate costs in international purchases. Their multicurrency account and card cater specifically to Brazilians, allowing users to hold Pounds, Euros, and Dollars directly in the app without paperwork.
Global and Remote Operations
Broad operates on a global scale with a presence in the United Kingdom, Europe, and through fully remote capacities. The company supports real-time money conversion from anywhere and enables users to hold and manage multiple currencies seamlessly. Their remote-first approach extends their services to users worldwide, ensuring accessibility and convenience.
Products and Features
Broad offers several products designed to simplify international finance. These include a contactless debit card issued by Paynetics AD under a license from Mastercard International, a QR code for easy app download, and a debit card that can be controlled entirely through the app. Users can also view exchange rates with ECB rate and Broad mark-up, and benefit from practical and digital ways to make international purchases. Their platform allows users to hold multiple currencies, perform smart spending, and seamlessly convert money in real-time.
Regulatory Compliance and Safeguarding
Broad operates in conjunction with Paynetics AD, an electronic money institution authorized by the Financial Conduct Authority under the Temporary Permissions Regime for the issuance of e-money and provision of payment services in the UK. Broad follows a stringent safeguarding process to ensure that user funds are kept separate from its own funds in a safeguarding account with a bank. This ensures a high level of security and compliance with regulatory standards.