Peter Thiel has elected to grant USD6m to Transferwise for his first Valar Ventures investment in Europe. This is due to the “spectacular growth” the London-based international money transfer business has witnessed in two years since its founding.
“Innovation in the banking industry typically involves rent-seeking or unsound derivatives, which offer marginal benefits to consumers,” Thiel said in a statement. “TransferWise demonstrates true innovation in banking by enabling its users to retain their wealth across borders.”
As a result, the total moment the company has raised since 2007 now amounts to USD7m.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.