TransferWise is a UK-based money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in a number of cities including Tallinn, New York and Singapore. The company supports more than 750 currency routes across the world including GBP, USD, EUR, AUD and CAD, and provides multi-currency accounts. In 2018 TransferWise’s net profit reached $8 million and its customer-base reached 4 million, who collectively transfer around $4 billion per month.
The concept was to match transfers with other people and then have a small commission while using the inter-bank mid exchange rate, unlike traditional currency transfers where there are buy and sell rates and the broker takes the difference between the two.
The latest TransferWise’s valuation totaled $5 billion, after the secondary share sale that saw investors buy equity from employees and early backers. However, the company has not yet been listed on an exchange.
Revolut bank, Europe’s top digital bank recorded a loss of £106.5 million in 2019. The firm is confidence in turning a profit with its current performance.
