Kristo Kaarmann, TransferWise co-founder and CEO, talks live with Bloomberg's Cory Johnson on how banking is being revolutionised.
Kristo explains how TransferWise has been able to disrupt the international money transfer market:
"The banks are behind on the technology curve, startups are figuring out how to do this much better. There’s a lot of legacy in banking that goes back to the business models.
That’s how we came to TransferWise, realising that there’s a lot of hidden costs when you move money around. Whenever you move money from one country to another, about 5% goes missing!
People have moved about $4.5 billion dollars across the TransferWise platform, and saved about $200 million in bank fees. We’re putting money from banks fees back into people's pockets."
Watch the full interview here.