TransferWise hits £500m-a-month milestone

Taavet

International money transfer platform TransferWise moves more than £500m around the world on behalf of its users each month, according to co-founder Taavet Hinrikus.

Speaking live on BBC Radio 4’s Today program, Hinrikus said: “Exceeding the £500m a month milestone is important as it shows a fundamental shift in people’s awareness of how banks, brokers and others take advantage of customers by hiding the real cost of international transactions.”

TransferWise, which earlier this year raised $58m in a series C funding round led by US venture capital firm Andreessen Horowitz, claims to be saving their customer base more than £22m monthly. The platform recently opened currency routes to Morocco, Pakistan, Brazil and Nigeria.

Hinrikus continued: “We transfer tens of millions of customer money every day and we have approximately two percent UK market share of the international money transfer business. This figure is only going to grow as customers become fed up with the traditional banking sector and look for fairer alternatives.”

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