Transferwise was started by Taavet Hinrikius and Kristo Käärmann as their home-made solution to transferring money between two currencies while keeping bank fees to a minimum.
It has become a go-to site for transferring money in Europe and is at the forefront of disruption in financial services. (CNBC recently ranked it in its top ten of global disruptors, alongside the likes of SpaceX and Airbnb).
Transferwise is growing at a phenomenal pace, emboldened by its philosophy of how to charge as little as possible while building a global, sustainable business. It launched in 2011 and transferred £10m in its first year of operation. By early 2014, it had processed £1bn of customer money. That figure is now more than £3bn. Now it is launching in the US, as the firm sets out to change the way people send money around the world. The two guys with a neat private work-around has become a 300 employee business.
Unsurprisingly, it has attracted formidable backers and has raised more than $90m over the past five years. It was the first investment in Europe for Valar Ventures, run by PayPal co-founder and early investor in Facebook, Peter Thiel.
Transferwise features in:
- Sunday Times Tech Track One to Watch 2014
- Tech Tour 50
- Future Fifty
- CB Insights research
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