TransferWise

TransferWise

Remittances | Mobile/Online Remittance | Consumer | Business
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  • FOUNDING YEAR: 2010
    LOCATION:
    United Kingdom
    REGION:
    Last Update:
    1 Aug, 2019
    Global presence:
    United States

Description

TransferWise is a peer-to-peer money transfer service that allows foreign students and businesses to transact money globally. The firm's pricing and operating model are a substantial departure from standard practice in the money transfer sector, providing customers with a lower-cost alternative to traditional means of moving money internationally. Recently, TransferWise was selected for the 2019 Forbes Fintech 50 startups list.

FOCUS

PRODUCTS & SERVICES:
The company provides an online money transfer money mobile application which allows users to transfer money to abroad, convert money into other 28 different currencies, pay bills in another country, pay off for mortgage or loan abroad, etc. It has also built a borderless account which helps them to hold over 40 different currencies and send as well as spend money overseas with the contactless TransferWise debit Mastercard.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail consumers and businesses.
EXISTING PARTNERSHIPS:
Currency Cloud, TrucosLondres, and CompareRemit.

PEOPLE

FOUNDERS:
Taavet Hinrikus, Kristo Kaarmann
Board Members and Advisors:
Taavet Hinrikus, Andrew McCormack, Kristo Kaarmann, Roger Ehrenberg
NUMBER OF EMPLOYEES:
201-500
INVESTORS:
LHV, JPMorgan, NatWest, Firestartr, Seedcamp, IA Ventures, Index Ventures, Valar Ventures, Richard Branson, Andreessen Horowitz, Kima Ventures, SV Angel, and Baillie Gifford.
KEY EMPLOYEES:
Matt Briers (CFO)

TRACTION

VALUATION / MARKET CAP:
$3.5 Billions in 2019
VALUATION COMMENT
After the latest funding round, the company's valuation is at $3.5 billion. (May. 2019)
REVENUE:
$10M+ in 2018
REVENUE COMMENT:
Viewable by subscribers only
TRANSACTIONS VALUE:
$52 Billions in 2019
TRANSACTIONS COMMENT:
In 2019, the company processed average monthly transactions worth $4.41 billion.
ACTIVE USERS COMMENT:
The company has over five million customers and moves £4 billion on behalf of customers each month. (May. 2019)
OTHER INFO:
Currently, the company operates in 72 countries across the world.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$397 Millions
DATE OF LAST FUNDING:
May 2019
TOTAL FUNDING COMMENT:
The company will use funds to grows its international customer base. (Nov. 2018)
SEED & PRIOR FUNDING:
$1.4 Millions
SEED CLOSED ON:
Apr 2012
FUNDING SERIES:
SERIES A
$6 Millions Closed: May 2013
SERIES B
$25 Millions Closed: Jun 2014
SERIES C
$58 Millions Closed: Jan 2015
SERIES D
$26 Millions Closed: May 2016
SERIES E
$280 Millions Closed: Nov 2017
DEBT FUNDING:
$85.2 Millions
LISTED:
NO
COMMENT:
The company has raised $292 Mn in the secondary market on May 2019 and it doubles the valuation of the company.

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