TransferWise
remittances . mobile/online remittance . consumer . business
Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!
About
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
TransferWise generates revenue from the transaction fees. It charges 0.5–0.7% of the transaction amount.
MAIN CLIENTS
Retail consumers and businesses.
EXISTING PARTNERSHIPS
Currency Cloud
TrucosLondres
and CompareRemit.
Traction
VALUATION / MARKET CAP:
$3.5 B 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:
In 2018, the company generated annual revenue of ~$150 million with a profit of $8 million.
TRANSACTIONS VALUE:
$52 B 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.
People
FOUNDERS
Taavet Hinrikus
Kristo Kaarmann
BOARD MEMBERS AND ADVISORS
Taavet Hinrikus
Andrew McCormack
Kristo Kaarmann
Roger Ehrenberg
NUMBER OF EMPLOYEES
1000+
INVESTORS:
KEY EMPLOYEES:
Matt Briers (CFO)
Momentum
FUNDED
YES
TOTAL FUNDING
$396.37 M
DATE OF LAST FUNDING
2019
SEED & PRIOR FUNDING
$1.37 M
SEED CLOSED ON
Apr 2012
FUNDING SERIES
SERIES A · $6 M · May 2013
SERIES B · $25 M · Jun 2014
SERIES C · $58 M · Jan 2015
SERIES D · $26 M · May 2016
SERIES E · $280 M · Nov 2017
SECONDARY MARKET · $292 M · ---
DEBT FUNDING
$84.31 M
LISTED
NO
Innovation Programs
Sign up for a 30- day free trial with MEDICI Inner Circle to follow and track profiles you care about.
Related Companies
Currency Cloud Connect is designed for customers who want to make payments. By accessing the currency Payment Engine via API, customers can automate end-to-end internationa...
Earthport plc, is a cross border payment network, providing solutions for low value payments.
First Remit is an online payment service provider facilitating money transfers around the world.
FOUNDING YEAR:
LOCATION:
Views:
$396 M
About
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.
TransferWise
About
Momentum
FUNDED
NO
LISTED
NO
Other