In the eleven months since May 2013, TransferWise has seen its cumulative total volume of cash transferred cross-border climb from just over £100 million to £1 billion.
Based in London, TransferWise provides peer-to-peer money transfer services in more than 175 different currencies. The platform works by connecting people looking to transfer money from Country A to Country B, with people looking to make the exact opposite transfer.
TransferWise has raised more than $7 million since its founding in 2010. The lion’s share of the capital has come from a Series A round almost a year ago led by PayPal co-founder Peter Thiel’s Valar Ventures.
Said TransferWise co-founder Taavet Hinrikus of the newly-reached milestone: “it shows how much people need modern financial services – something where it is modern, fast and cheap.”
Speaking of modern, fast and cheap, TransferWise is also announcing the launch of its Android app. Said Hinrikus, “there is much more that money on mobile should mean to people and ways they can be in control.”
The latest news from TransferWise shows how the currency transfer business has heated up. Companies like CurrencyFair and Azimo, both Finovate alums also, have announced reaching significant milestones or raising significant VC capital in recent weeks, as well. And now, even more attention is being paid to companies like these as potential partnership with Facebook, should the social networking innovator act on rumors that it is getting into the money transfer game.
TransferWise demoed its technology as part of the FinovateEurope show in 2013. See the company in action here.