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Fire

A digital account in Euro and GBP along with a debit card.

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James Hunt@thetwopct · Entrepreneur. Coder. Marketer. Founder.
Wow this looks amazing. I was recently looking at getting Estonian e-residency simply as they are soon to launch ability to open bank accounts online, and this is good for me as I travel a lot. But this negates the need for it. If I understand correctly, I can open a uk limited company in an hour or so and then get a bank account with Fire within a day? That's amazing. For my different side projects and new business ideas that is ridiculously useful 👍💯🙌
Jamie Farrelly
Maker
@jamie_farrelly · Software developer
@thetwopct That's pretty much it James! At the minute UK and Irish companies can open up a business account even if the founders or whatever are based elsewhere.
Jamie Farrelly
Maker
@jamie_farrelly · Software developer
Put myself and Owen as makers, but there's not just us of course! A few months back we rebranded from PayWithFire.com to Fire.com which was a big step for the company. It's open to UK and Irish customers, but we're hoping to expand to elsewhere in the future. At the moment the big banks are very slow here (probably the same in the US), when you want to open a bank account it takes a few months (and you'll have to actually go to a bank to apply!), at that stage you just get one currency, if you want another you'll have to go through another application process which also takes around 3 months - not good. With Fire you can apply fully online and within 24 hours get up and running (both a £ and € account). If you want even more accounts, you can get another by just clicking "Add account" and you're done. Not to mention the banks charge ridiculous fees for startups that only have a few payments coming in now and again, who would much prefer fees based on usage. The feedback has been really positive from startups that just can't wait months and months to get access to a bank account. There's a personal app too which I suppose is similar to Venmo in the US. If anyone has any questions give us a shout.
Dave Lowry@lldavedave · Hydric Media
@jamie_farrelly Looks great. Are there plans to launch in the US?
Owen O Byrne
Maker
@owenobyrne · Head of Product at fire.com
@lldavedave @jamie_farrelly Dave! How's the craic? We're regulated in Europe, which doesn't cover us to enter the US. However, it's on the very righthand edge of the roadmap to get regulated there in time.
Dave Lowry@lldavedave · Hydric Media
@owenobyrne @jamie_farrelly awesome. Here in the US people try pay us by cheque!
Chris Rowe@rowesk · Founder, Fort Ink
Guys, this looks amazing! I just signed up for a personal account but would love to have multiple 'accounts' in there too. Would be perfect for impromptu savings (e.g. my surf trip is £290, let me put that in another account that my debit card can't draw from so it's 'safe' and labelled). Is this possible already? On the roadmap?
Owen O Byrne
Maker
@owenobyrne · Head of Product at fire.com
@rowesk Hi Chris, apologies for the delay. This isn't possible yet, but the concept of "buckets" is firmly on the roadmap. We used to allow personal users open up 3 full accounts in each currency - each with their own account numbers - but reduced that back to one each once we realised people wanted "throwaway accounts" to temporarily hold money rather than the more permanent arrangements. Business users can still instantly add additional accounts in each currency - we may bring that feature back for personal users in time. With the bucket concept, you would be able to create the "virtual sub-account" in the app, give it a name or a tag, and then store funds in there away from your main account - keeping it safe from your debit card as you say. I imagined that you could even transfer directly into this sub-account by setting a narrative on transfers into your main account number. You could set up a regular transfer into it to collect a certain amount over time. I also toyed with the concept of a shared bucket that multiple users could have controlling access over. Kind of like an escrow account - it would take X of N users to approve withdrawals from it. If you have any other ideas you'd like to see, let me know! Owen
Patrick@justawebguy · Founder of Popflake
Looks great! I'm a Holvi user, so I'm wondering what sets you apart from Holvi? https://www.producthunt.com/post...
Owen O Byrne
Maker
@owenobyrne · Head of Product at fire.com
@justawebguy Similar we'd agree. A key differentiator is the multi-currency nature - we have both Euro and Sterling accounts, each with their own IBANs and Sort Code/Account Numbers. You get one of each as standard, and can open more if you need instantly. Collect and pay out to any account in Europe or the UK. You can move funds between the currencies instantly at great rates (our fees are here: https://fire.com/fees-and-charges). This year we are focussing on ecosystem integrations using our API (see https://fire.com/docs) so a Fire account will become an obvious choice if you use accounting software like Xero and FreeAgent, or other services like Stripe, GoCardless etc. You can develop your own integration into the account using the API too - Jamie's already demoed an Alexa integration! https://twitter.com/Jamie_Farrel... The pricing aligns more closely with the Holvi Basic account, while offering the banking features of the Pro account (role based permissions with multiple users and multiple debit cards per account for example). If you have any other questions, let me know!