London-based online currency transfer outfit TransferWise has raised a $58 million Series C round that was led by Andreessen Horowitz. This follows a $25 million Series B round just seven months ago, which included Virgin chief Richard Branson and original backer Peter Thiel (who are also in the current round, along with Index Ventures, IA Ventures and Seedcamp.) Like CurrencyFair over in Ireland, TransferWise uses cash reserves in various countries to bypass the banks and offer conversion rates that are far cheaper than those offered by traditional banks and remittance services. According to the Financial Times, Andreessen Horowitz won a competitive bidding process to invest in TransferWise, which is now valued at “close to $1 billion”.
Backed by Passion Capital and TransferWise chief Taavet Hinrikus, Coinfloor is the first serious Bitcoin trading operation to open in London’s fintech hub. U.S. customers aren’t allowed in just yet, though.
The company has now facilitated over $400 million in international money transfers. And with new features such as a mobile app, payments to email addresses and an embeddable payment button, TransferWise is resembling a certain fintech giant ever more closely.
Thiel becomes the second PayPal co-founder to put money into the UK’s Transferwise, which lets users send money internationally at much lower rates than those offered by traditional banks.
Customers of the UK fintech startup can now use their debit cards on the site, instead of having to visit their online bank in order to initiate a transfer. Canadian dollars will soon be supported, too.
London currency exchange startup Transferwise has teamed up with a neighbor, The Currency Cloud, to let people transfer money between a range of European currencies. But is the next stop for the disruptive finance company going to be the US dollar?
London currency exchange Transferwise has taken a big step forward by bringing in a team of heavy hitting investors including PayPal co-founder Max Levchin, and a who’s who of disruptive financial entrepreneurs.
London-based peer to peer currency exchange Transferwise has passed €10 million in transactions, saving customers nearly half a million Euros in fees that would have otherwise landed in the hands of the banking industry.
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