TransferWise, a startup that prides itself on being a “clever new way to beat bank fees,” recently released a few stats.
The company, whose product launched in 2011, is now enabling customers to transfer more than $760 million (£500 million) across the globe every month. At this volume, TransferWise has seized 2% of the market share in U.K.-based global remittances.
In total, TransferWise estimates it is saving consumers an average of $34 million (£22 million) in foreign exchange fees each month.
Co-founder Taavet Hinrikus states that TransferWise moves “tens of millions” of customers’ money every day and estimates that figure to increase as consumers look for alternative money-transfer services to avoid bank fees.
TransferWise demonstrated at FinovateEurope 2013 in London and has raised just over $90 million in funding.