Using the Skype principle to slash the rates that people pay to send money abroad

The Economist

  • Facebook’s first investor picks TransferWise

    The New York Times: Valar Ventures, Mr. Thiel’s venture capital fund, led a $6 million investment round for TransferWise, a financial services start-up here. The deal is the first foray for Mr. Thiel, a co-founder of PayPal, in Europe, where start-up clusters in cities like London and Berlin are starting to make waves.

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  • Thumbs-up from Mr Branson

    "This innovative idea for shaking up the financial services sector while helping start-ups in a practical way has caught the eye of many new businesses already - as well as established brands like Virgin."

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  • Sparking a revolution

    "The business began with a simple exchange of currency between two Estonians in London with contrasting needs. Now, the firm is aiming to become a global business."

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  • Using the internet to help people transfer money

    The Financial Times: “The idea behind the company was to use the internet to help people transfer money across borders at lower prices than banks can offer. With TransferWise, transferring £1000 into a euro account costs just £4.50 compared with more than £120 with Western Union and between £40 and £50 with many of the main consumer banks.”

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  • Voted Europe's #1 Startup

    A huge thank you to all who've helped us on our way so far, most importantly our wonderful customers. We literally wouldn't be here without you, and we can't thank you enough for being so vocal in spreading the word of wise

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  • The FinTech 50

    We're delighted to be labelled a "downright disruptive technology" in this year's Fintech 50, a list of the most "game changing" and entrepreneurial finance firms out there. The list is gathered together by some of the industry's biggest wigs, so we're absolutely thrilled - thanks, guys.

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  • Challenging the banks

    "TransferWise hopes to challenge financial institutions by charging drastically lower fees than the major clearing banks or wire transfer services such as Western Union."

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  • Skyping dough

    "'BYE-BYE banks,' taunts the home page of TransferWise, a London-based startup. "You've had your fun." Taavet Hinrikus, one of the firm's co-founders, dubs it 'the Skype of money transfers'. He should know. He was one of Skype's first employees and is using the same principle of peer-to-peer networking to slash rates that people pay to send money abroad..."

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  • TransferWise - a shining example

    Joanna Shields, CEO Tech City: "Transferwise is a shining example of the successful businesses that make Tech City a thriving ecosystem. London has a real strength in financial services and technology, with many companies like Transferwise transforming financial services for consumers, for the better."

  • Twosome transforming how we transfer money

    Kristo Kaarman and Taavet Hinrikus are two Estonian founders of TransferWise, the peer-to-peer platform for transferring money. Parallels between TransferWise and Skype abound, not least because Hinrikus was Skype's first employee."

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