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With more than £1 billion processed, TransferWise, a 2011 start-up company, has managed to raise over $25m on their last funding spree, adding names like Sir Richard Branson, Kima Ventures, Peter Thiel’ and father and son Robert and Saul Klein, founders of TAG.
This funding round up raises the total amount of funding received by TransferWise to more than $33m, making it the most desirable UK start-up.
Trasferwise: the Richard Branson Vision
As Sir Richard Branson stated, “Financial services such as foreign exchange have been ripe for disruption for decades and it’s great to see TransferWise bring transparency to the market,”.
Trasferwise and Facebook
Meanwhile, there are rumors that the giant Facebook is interested in this arising start-up, and, as TransferWise founder Taavet Hinrikus says: “If someone as big as Facebook comes into the space, then I think that’s only going to be beneficial to everyone,”.
However, the ultimate question remains: what will happen to all thes
e funds? This relatively young, but extremely successful start-up has embarked on a mission to provide transparent, low cost wire transfer services, without any hidden exchange fees, as banks and their ultimate competitor, Western Union seems to apply. Hinrikus: “We’re going to use this money to lead the charge against hidden bank fees and expose the problem to a wider audience. It’s outrageous that they can get away with advertising that claims their transfers are ‘fee-free’ despite often taking up to 5% of the money sent through the exchange rate.“
Customers can only hope their goal will succeed and that total transparency will be achieved by TransferWise’s competitors. If not, we all know we’ll send money through next time!