The London startup, TransferWise, launched in 2010 with the aim of helping expats, foreign students and businesses move money globally at a lower-cost.
Richard Branson sounding very much like a member of FinTech Collective when talking about his investment said "Foreign exchange has been ‘ripe for disruption’ for decades ... ‘It’s encouraging to see entrepreneurs using technology to reinvent the old-fashioned FX industry and make a real difference in the market,"
TransferWise, which was set up in 2011 to provide a cheaper alternative for money transfers, has now raised $33 million (£20 million) in venture capital investments after closing a new round. Investors including Valar Ventures, set up by PayPal co-founder Peter Thiel, Index Ventures and British entrepreneur Richard Branson are coming together to back the future growth of TransferWise. The business is the work of Kristo Kaarmann, CEO, and Taavet Hinrikus, executive chairman. Hinrikus was employee number one at internet communications business Skype, and has built the company up to its current position of having transferred over £1 billion and achieved savings of £45 million in banking fees for customers.