Sir Richard Branson is getting bullish on the money transfer business, he has led a round of funding with $25M (£15m) to back TransferWise, a UK Financial Conduct Authority (FCA) regulated payment institution. TransferWise’s international money transfer platform, uses peer-to-peer technology to cut the exchange fees, which they claim is significantly cheaper than those charged by banks and brokers. TransferWise states they exchange your money at the mid-market rate and charges only a tiny not-hidden-fee, unlike legacy providers and high street banks.
Branson says: “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…”
“It’s encouraging to see entrepreneurs using technology to reinvent the old-fashioned FX industry and make a real difference in the market. I see tremendous opportunity for startups like TransferWise to offer breakthrough financial services and products,” Branson added.
“We’re going to use this money to lead the charge against hidden bank fees and expose the problem to a wider audience,” said TransferWise co-founder Taavet Hinrikus who is gearing up a marketing blitz with much of the new round of funding led by Branson.
To see a full list of countries and currencies supported and read more about TransferWise, click here.