EXCLUSIVE— San Francisco-based startup Denizen wants to create a new way of banking, by providing users with a “borderless” bank account that doesn’t come with all of the hassle and pain points of international finance, co-founder and CEO Joaquin Ayuso de Paul told Bank Innovation. 

“Denizen provides a global bank account that allows you to have just one balance,” Ayuso de Paul said.“It’s very seamless: the minute you put your balance in Denizen, your balance is global.”

Denizen’s goal is to provide the appearance of one connected global account to its customers, though it does this by opening a new account “in each jurisdiction,” Ayuso de Paul said. Zenbanx began with a similar goal, before being acquired and subsequently shut down by the well-heeled alternative lender SoFi.

Essentially, the startup allows money transfer between a user’s two accounts — one set in Europe, one in the U.S., for instance — for faster global transactions like a mortgage payments, Ayuso de Paul said.

The startup, which is focused on expats (a mobile population of about 50 million, he said), is partnered with BBVA, headquartered in Spain, for opening accounts in the United States, while it works with German payments processor Wirecard (which also supports N26, one of the earliest neobanks) in Europe.

For now, the only fees the account charges are non-bank ATM fees, Ayuso de Paul said: it does not charge any FX or subscription fees for the service, he noted.

Users of the Denizen account, which officially launched earlier this week, will also get the use of a mobile app, on Apple and Android, as well as a physical debit card—supported by Visa in the U.S., by Mastercard in Europe—for daily purchases, Ayuso de Paul said.

Mobile payments are not yet supported on the app, he said, noting that it’s an area “that depends on our banking partners,” he said. ”In the U.S. they are looking to set up Apple an Google Pay, so users can load their Denizen card.”

There is no timeline on that availability as yet, he said.

The company currently supports residents of the U.S. and Spain, Ayuso de Paul said, though it will expand its service markets later in the year: the United Kingdom is first, he said. It has headquarters in both San Francisco and Madrid, Spain.

As well as new markets, Denizen will also be moving into further bank services, which should be rolling out in the next two years.

“We are expanding to credit, we are expanding to wealth management,” Ayuso de Paul said, though he did not provide a specific timeline.

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