Since more people are using the internet and spending more time online, there has been a major increase in the number of online businesses. Unlike most conventional businesses which have only local customers, or customers from the same country, these businesses have clienteles from around the globe. Most people find it more convenient to make payments in their local currency hence many businesses are interested in opening a bank account with a bank that offers multiple currency accounts. To cater to these businesses, Qazikoo bank, a fintech start-up is now offering multicurrency accounts and customers can make or receive payments in more than 25 different currencies.
There are many advantages of using Qazikoo bank compared to traditional banks. It offers Low exchange rates for foreign currency so the business expenses due to currency conversion fees is lower. The currency conversion is almost immediate, customers do not have to wait to get the currency they require. Anyone can also get personalised credit cards and these cards can be used worldwide without paying any additional fees. Qazikoo offers digital banking using latest technologies and customers can easily access their bank account, using the app provided. To ensure that there is no hacking and customer data remains secure, high tech security encryption techniques are used.
It is now possible for investors to purchase a stake in Qazikoo using the EIS investment scheme through the government. The government recognizes that new start-up businesses are risky, since it is possible that they will not make a profit. Hence these businesses are finding it difficult to get funding. However, new businesses are also essential for the growth of the economy. So, to encourage investors to invest their money in start-ups, the UK government has started the Enterprise investment scheme (EIS). It is now possible to make an EIS investment for Qazikoo, a challenger bank which hopes to become a unicorn company in the near future.