Expanding beyond it's money transfer roots, TransferWise is launching a bank account and debit card which can hold money in 28 currencies and automatically exchange currencies based on spending.
On the surface at least, the TransferWise Borderless account is quite a stripped-back affair and is “not replacing the current account,” says Hinrikus. Instead, consider it a companion account that solves a couple of different but fundamental problems (which is just as well when you factor in TransferWise’s partnerships with challenger banks such as N26 and Starling). Meanwhile, the London-headquartered company says it now employs 900 people globally across its nine offices and holds 15 percent market share in the U.K., its most mature market. The company grew more than 140 percent last year, claims 2 million customers and became profitable for the first time. It also remains well capitalized, having announced a whopping $280 million investment in November, although a portion of that was secondary as early shareholders cashed in. This reportedly valued seven-year-old TransferWise at $1.6 billion.