TransferWise, the international money transfer platform, has today revealed it is transferring over £1m a day for consumers and small businesses determined to bypass banks and their “hidden fees”.
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.
The recent $6m investment from Peter Thiel (co-founder of PayPal), has helped the company double in size in just four months, with the volume transferred via the platform growing from £125m to more than £250m. TransferWise has also used the investment to increase the number of its currency routes nearly fourfold – with the Indian Rupee, Australian Dollar and Turkish Lira among those recently added – so more of its users can avoid the complexity and hidden costs associated with traditional foreign exchange providers.
The young company also just announced that it is launching an iOS app, the ability to send money to email, and a ‘Receive Money’ feature to create new ways for people to send and receive money cheaply, and easily invoice over the internet.
Taavet Hinrikus, co founder of TransferWise, said: “We’re transferring over £1m a day and growing at up to 30 per cent a month because more and more people and small businesses are realising that they no longer have to put up with opaque fees and poor service from the banks when they’re sending money abroad.”