PayPal co-founder Peter Thiel has invested in P2P international money transfer company, TransferWise, through his venture capital company Valar Ventures. Valar led the $6 million round of funding and this is the company’s first investment in a European company.
TransferWise co-founder Taavet Hinrikus believes that by adding Thiel to the board of directors will enable the company to accelerate expansion. The company plans to launch in Germany, Spain, France, and Italy.
Hinrikus founded the company with Kristo Kaarmann when they realized that they could exchange pounds and euros between themselves at a mid-market exchange rate. This helps save on fees that are imposed by banks.
TransferWise has transferred over 125 million British pounds ($192 million) worth of money thus far.