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February 18, 2015updated 19 Aug 2016 4:00pm

Fintech Brit invasion continues with TransferWise US launch

The peer-to-peer currency exchange start-up has added dollars to its platform.

By Alexander Sword

TransferWise is making a move into the US market by allowing customers to send and receive US dollars through its platform.

The London-based peer-to-peer money transfer service has added the US to its currency routes, along with Brazil, the Philippines, Canada, Nigeria and Malaysia.

The expansion will be partly financed by a recent $58 million round of funding led by venture capital firm Andreessen Horowitz and including contributions from Sir Richard Branson and Peter Thiel’s Valar Ventures.

TransferWise’s service bypasses banks through direct peer-to-peer transfers, avoiding hidden fees. Founded by Taavet Hinrikus and Kristo Käärmann, the fintech start-up claims to offer faster international money transfers and savings of up to 90 percent compared to traditional bank services.

Hinrikus recently commented: "For too long legacy providers’ dominance of the market has allowed consumers to be hoodwinked into paying huge hidden charges for services as basic as currency exchange."

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