TransferWise, a London based startup in the field of online currency exchange and money transferring, has just raised $1.3 million in a seed round. The round was led by IA Ventures from New York and joined by Index Ventures, Kima Ventures, Seedcamp and some angel investors.
TranserWise was founded in 2010 by the two Estonian entrepreneurs Taavet Hinrikus (the first employee of Skype) and Kristo Käärmann. The basic idea behind this promising European startup is a simple crowd-sourced model that lets users transfer foreign exchange. The service of TransferWise enables an elimination of many common fees associated with paying bills from one currency to another. Check out the video at the bottom of this article to find out more about how TransferWise works.
Roger Ehrenberg (Managing Partner, IA Ventures) stated: “TransferWise is moving the money transfer market to the 21st century at a time when many banks and traditional financial services firms are forgetting innovation and customer experience.”