Money transfer service TransferWise scores USD1.3 million

Transaction fee of less than 1% of the transferred amount

TransferWise, a cost-saving money transfer startup, has raised USD1.3 million in a seed funding round led by IA VenturesIndex Ventures, PayPal co-founder Max Levchin and a group of angel investors.

The London-based company provides currency conversion and transfer services within the UK and certain European markets for a smaller fee. It is aimed at international students, pensioners living abroad and small-to-medium sized firms.

TransferWise claims to differentiate by charging a transaction fee of less than 1% of the transferred amount, while high street banks take a larger fee and offer a less favourable exchange rate. TransferWise claims it has already saved users more than GBP500,000 (USD798,800) since it was launched in January.

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