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."