Thursday, Sep 16, 2021
International Finance
Fintech

With 2mn users, TransferWise is transferring over £1.5bn every month

Transferwise, payments, money transfer, API
TransferWise is now working hard to grow its business side with new products and services

TransferWise is an international money transfer company, co-founded by Taavet Hinrikus and Kristo Käärmann. TransferWise was launched in 2011. Today, it’s one of the leading fintech start-ups in the world. The company has raised US$397mn from investors such as IVP, Old Mutual, Andreessen Horowitz, Valar Ventures, Sir Richard Branson, and Max Levchin of PayPal. With 2mn people using its products to transfer over £1.5bn every month – saving £2mn every day.

TransferWise launched the Borderless Account for businesses and freelancers in May 2017. The account allows businesses to hold money in up to 28 global currencies, with local bank details available for British Pound, Euro and US Dollar. The low cost, online account allows businesses to make fast international money transfers to over 50 countries and save up to five percent per transaction compared to the banks or PayPal. A debit card to accompany the account was launched in January 2018 to select customers and will launch publicly later in 2018.

TranferWise has also developed a payouts API for businesses and banks, which enables companies to make faster, lower-cost payments to customers, suppliers, employees, freelancers and investors around the world and can be integrated into existing systems.

As part of these efforts, TransferWise recently appointed MSL as its business PR agency. As well as promoting TransferWise’s services for and wider perspectives on business, and will help clients with specific queries, providing background information, enabling clients to be in touch with the right people or setting up and interview or written contribution.

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