|“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
Amount raised: $772.7 million (10 rounds – May 2019)
- 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.
- User-friendly Online platforms (Including web and mobile)
- AI powered chatbot systems to enable easy customer interactions
- Third-party website integrations
- Affiliate program
- Moves into China with Alipay partnership
- Founder-led management team
- Online, real-time reconciliation for both individuals & businesses
- Highly secured and encrypted platform for cross-border transactions
- Meeting stringent regulatory standards
- Proprietary AI algorithm and data with 15 registered trademarks.
- 1600 employees in 13 offices across 4 continents.
- Partnership with major banks across various countries
- 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
- 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
Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely
- 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
TransferWise website. 2020. https://www.transferwise.com/
- CrunchBase. 2020. https://www.crunchbase.com/organization/transferwise#section-overview
- Forbes. TransferWise valued at $3.5 billion as founders sell stake. https://www.forbes.com/sites/samshead/2019/05/22/transferwise-valued-at-35-billion-as-founders-sell-stake/#4a768df4375e
- Owler. 2020. https://www.owler.com/company/transferwise
- Pitchbook. 2019. TransferWise doubles its valuation after secondary deal. https://pitchbook.com/newsletter/transferwise-doubles-its-valuation-after-secondary-deal
- Oluwasola Adare
- Yinka Olanrewaju-Olawepo
- Dan Craigen