TransferWise

“A smart new way to move money internationally”

Founded: 2010 in London, UK

Category: Financial Technology

Primary office: London, UK

Core technical team: London, UK

Status: Private

Employees: 1600

Amount raised: $772.7 million (10 rounds – May 2019)

OVERVIEW

Online platform that enables people and businesses to complete currency exchange services
Enables integration with local payment systems allowing for cross-border exchange services and transactions

PERFORMANCE METRICS

ACHIEVEMENTS

Money transfer – enables individuals and businesses to send or receive money across borders with transparent costing, using real time currency exchange rates
Borderless account – enables users to hold multiple currencies (over 40 currencies) at once that can be converted and used for exchange at any time.
TransferWise for Business – similar exchange service with diverse currency and real-time exchange rate, specifically for businesses
TransferWise for Banks – customers of banks can access competitive prices on international payments to 70+ countries and 40+ currencies.

Assets

Processes

Process to raise funds – raised $772.7 million in 10 rounds.
Transparent process to facilitate “cross border” currency transactions
Peer-to-peer transfers – TransferWise matches transferring money in one direction with people transferring in the other – buying currency from other individuals and hence cutting out substantial “foreign transaction” fees
Easy to use Web and mobile platforms.
Simplified process for sending money across borders: it should be low-cost and fair; it should be easy; it should be fast
Know your customer – follows international requirements for verification of identity

Priorities

Increase footprint globally
Improve technical competencies for faster transactions – sending money should be as fast as sending an email.
Secure more strategic partnerships in local contexts to increase market share

Increase value by using a compelling image of the desired future company to convince others to provide the funding and resources the company requires
Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
Increase demand by using scientific and technological advances to develop innovative products and services
Eliminate communication and coordination barriers when working with foreign partners that are geographically separate, institutionally distant, and operate in different time zones to increase value
Increase profitability by improving links, interactions and shared purpose with local organizations in each region the company operates
Increase profitability by applying processes that make products and services easier to understand, produce and deliver
Increase demand by meeting or exceeding international product and service standards to overcome barriers to trade and position company as a world-class quality supplier
Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace