TransferWise is a peer-to-peer money transfer service.
Launched in January 2011 and given final UK financial regulatory approval in Feburary 2012, the company aims to eliminate high bank fees from foreign exchanges by matching its users based on the currency they have and require.
Basically, it is an online money transfer service where money can be transferred at a much cheaper rate than banks. Transferwise claims to be up to eight times cheaper than bank foreign transfers.
How much money does TransferWise transfer per month?
Investors include Virgin founder Richard Branson, as well as well-known tech investment firms such as Andreessen Horowitz and Index Ventures.
The company is available in 59 countries covering 504 currencies routes. It transfers $500 million per month.
The CEO is Taavet Hinrikus. It was founded by Kristo Käärmann.
The company is headquartered in London.
Since it was founded the company has undertaken six rounds of funding, making a total of $116.37 million.