TransferWise raises $25 million in funding
TransferWise is a Europe-based money transfer company that has processed £1 billion of customers’ money, which is eight-fold the previous year. TransferWise has raised $25 million in funding from Sir Richard Branson, Valar Ventures, IA Ventures, Index Ventures, TAG, and Kima Ventures.
TransferWise has now raised $33 million in funding since it launched in early 2011. The company also has grown 10 times in the last year. TransferWise plans to use the funding for hiring and marketing.
“We’re going to use this money to lead the charge against hidden bank fees and expose the problem to a wider audience. It’s outrageous that they can get away with advertising that claims their transfers are ‘fee-free’ despite often taking up to 5% of the money sent through the exchange rate,” said TransferWise co-founder Taavet Hinrikus in a statement.