TransferWise news

TransferWise is an Estonian developed and UK-based money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in a number of cities including Tallinn, New York and Singapore. TransferWise supports more than 300 currency routes across the world as well as providing multi-currency accounts.

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TransferWise Posts Continuous Profit for Third Consecutive Year

Coinspeaker TransferWise Posts Continuous Profit for Third Consecutive YearU.K based fund transfer service, TrasnferWise Ltd, has announced that in its last fiscal year, the company’s revenues recorded growth by more than 50%. TransferWise which is fully backed by Sir Richard Branson as well as Peter Thiel’s Valar Ventures, had its fiscal year-end on the 19th of March, which confirms the company’s three-year consecutive profit streak.TransferWise successfully pulled in 179 million pounds (about $223 million) in revenue which is an increase of more than half of the revenue from the previous fiscal year which stood at 117 million pounds. Furthermore, the company’s net profit after tax jumped up to 10.3 million pounds (about $12.8 million) in the same period, an impressive jump from by 66% from the previous year’s net profit.TransferWise was founded in 2011 by two friends from Estonia Kristo Kaarmann and Taavet Hinrikus who decided that they had had enough with the exorbitant bank transfer fees being charged whenever they had to send money back to Estonia from London. They didn’t only want to make cross-border transfers a lot more affordable but also as transparent as possible.Speaking to CNBC on what pointer showed that the business really did become profitable, Kaarmann who is also the company’s CEO said:“This is indeed rare, but it is very important for us internally. We really only know if the product works once the product works on its own and doesn’t need any extra cash to support it.”Apart from the aforementioned, TransferWise is also backed by major venture capital outfit Andreessen Horowitz and after a funding round back in May pushed its valuation up to $3.5 billion, it became the most valuable fintech startup in Europe, surpassing financial lender OakNorth, whose valuation at the time was $2.8 billion.On some of the feats it’s been able to achieve, TransferWise currently has at least 6 million customers scattered around the world and successfully processes millions of transactions worth about 4 billion pounds, every month. The firm offers its corporate/business customers a foreign exchange service and a multi-currency debit card. Currently, TransferWise’s multi-currency accounts hold more than 1 billion pounds with about 10,000 new businesses signing up monthly.Back in June, TransferWise struck a deal with France’s Groupe BCPE in a bid to offer cheap money transfers to its customer and has also partnered with Monzo and N26, both supposed rivals, who now have TransferWise’s platform incorporated with their own services.Last month, the firm announced that it had spread its services to Australia and New Zealand with a plan to also launch in Singapore before 2019 runs out. CEO Kaarmann spoke on the need for TransferWise in both countries. According to him:“While there are existing multi-currency cards that exist in Australia and New Zealand, they are prohibitively expensive to use. For example in Australia, the TransferWise Platinum debit MasterCard is on average 11 times cheaper than most travel, debit, prepaid and credit cards.”TransferWise has a staff strength of more than 1,600 people and is constantly looking to hire more talented data scientists and engineers as well, in current and new locations including London, New York, Estonia, and Budapest as well. At the moment, the company has no plans to go public.TransferWise Posts Continuous Profit for Third Consecutive Year

TransferWise Spreading to Australia and New Zealand With a New Cheaper Card

Coinspeaker TransferWise Spreading to Australia and New Zealand With a New Cheaper CardInternational money transfer startup TransferWise’s debit card announced that they are finally available in Australia and New Zealand. Also, they said they are expecting a Singapore launch as well by the end of 2019.TransferWise’s debit card, famous for its low, transparent fees and exchange rates, saw the light of the day in the United Kingdom and Europe last year and in June this year, it became available in the U.S. as well. Since they started their work, approximately 15 million transactions have been made, and a total amount of over $10 billion has been deposited.Customers in Australia and New Zealand will now have a possibility to utilize the TransferWise Platinum debit Mastercard that will be linked to TransferWise accounts. A business debit card is said to be available as well. The account itself enables its user to own bank account numbers and details in more than one country, which could facilitate money transfers in different currencies and reduce their costs as well.TransferWise’s co-founder and CEO Kristo Käärmann said that the decision to introduce debit card in Australia and New Zealand is related to the fast rates of their business growth.“In addition to responding to customer demand, launching the card in Australia and New Zealand was also driven by the fact that Aussies and Kiwis are being overcharged by banks for using their own money abroad. It is expensive to use debit, travel and credit cards for spending or withdrawals,” noted he.According to studies conducted by Capital Economics, citizens of Australian lost $2.14 billion last year when they were using their cards abroad. This is because banks and other providers charge transaction fees every time the card is used abroad, plus, they charge an inflated exchange rate. In New Zealand, users lost $1 billion just for the same reason.“While there are existing multi-currency cards that exist in Australia and New Zealand, they are prohibitively expensive to use. For example in Australia, the TransferWise Platinum debit Mastercard is on average 11 times cheaper than most travel, debit, prepaid and credit cards,” Käärmann said.The cards don’t have transaction fees or exchange rate markups and cardholders are allowed to withdraw up to AUD $350 every 30 days for free at any ATM in the world.Nicholas Lembo, who serves as an Australia country manager, confirmed that in Australia, the problem is banks typically charge a whole range of hidden fees that Australians aren’t always aware of — $2.14 billion each.He said:“That figure is so high in Australia obviously because the market here is very concentrated, and it’s only now, of course, that we’re seeing competition coming into the market, whether it’s TransfersWise, or other FinTech operating in this space.”In other news, the company last month appointed Adyen NV Chief Financial Officer Ingo Uytdehaage and former Netflix Inc CFO David Wells to its board. In May this year, the company announced closing of a $292 million secondary funding round, which doubled its valuation to $3.5 billion.Before the appointment of Wells and Uytdehaage, TransferWise’s board was composed of the company’s founders and two of its investors, Alex Rampell from Andreessen Horowitz and Roger Ehrenberg from IA Ventures.TransferWise Spreading to Australia and New Zealand With a New Cheaper Card

Secondary Funding Round for TransferWise Proves Successful, Increasing Value to $3.5 Billion

TransferWise is now valued at $3.5 billion after a secondary funding round. The funding round was led by Lead Edge Capital, Lone Pine Capital, and Vitruvian Partners. TransferWise, a fintech company, has had a relatively successful week, if the reports from Reuters are any indication. After a secondary funding round was led by several growth […]
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TransferWise value jumps to $3.5 billion after secondary funding round

Fintech TransferWise has wrapped up a $292 million secondary funding round, Reuters writes. The company’s valuation doubled to $3.5 billion. Secondary funding means no new funds have been brought in—instead, some existing investors sold part, or all, of their holdings. According to TransferWise CEO and co-founder Kristo Käärmann, this move helped the company bring in shareholders who are “more in line with its stage of growth.” “It’s an opportunity to bring on new investors, to bring on the right people for the next phase of growth and get validation that we are building something of increasing value,” Käärmann said. The round was led by Lead Edge Capital, Lone Pine Capital and Vitruvian Partners, with participation from existing investors like Baillie Gifford and Andreessen Horowitz. Some of the investment came from BlackRock-managed funds. The company offers inexpensive international money transfers and has 5 million customers worldwide.
The Block Crypto

JPMorgan Plots Blockchain Payments to Fight Transferwise, Ripple Threat

By Wall Street firm JPMorgan has a plan to save the banking industry’s lucrative cross-border payments business from alternatives such as Bitcoin and fintechs such as Ripple and TransferWise – expand the use cases for its permissioned blockchain network, the Interbank Information Network (IIN) to include settling payments. According to the Financial Times, plans are underway to add a payments settlement feature to the IIN. The feature will allow payments being made to be verified in real time as they are being routed to a valid account. This will eliminate delays or cancellation of transactions which is usually caused The post JPMorgan Plots Blockchain Payments to Fight Transferwise, Ripple Threat appeared first on CCN
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Why Satoshi Nakamoto Created Bitcoin?

Through Innovation, everyone aims at changing the plan of action and making changes in the current condition to conduct better items or services. Productive development ought to be an important piece of one's business technique, where someone can make a culture of innovation and make a way for creative thinking. It can also increase the likelihood of one's business succeeding and can create more efficient processes that can result in better productivity and performance. Innovation and creativity are what should someone have to make a difference in the world. One of the most innovative advancement today is the creation of bitcoin. As said to this article, Bitcoin has been the preeminent cryptocurrency since its inception and continues to lead all others by a significant margin. Let’s look at some of the statistics: There are nearly 18 million BTC in circulation and, with a current price of around $8,300, that puts the market cap at over $150 billion. With a daily volume of over $15 billion, Bitcoin trades more than double the next highest-ranked cryptocurrency. To see just how significant Bitcoin is on the global market, it can be useful to look at the user numbers as well. Even though the bitcoin market already reached a legendary status in the crypto world, The creator of Bitcoin has managed to remain anonymous for over a decade. Just using Satoshi Nakamoto as a pseudonym. But why did he created bitcoin and remain unknown to everyone. One of the reasons is to solve some societal problems easily, Satoshi came up with creative answers to solve certain problems in the business. Many times an individual face problems that don’t seem to go away. The answer is to think outside the box to find an answer one never come up with. This way one can make a product, a creative solution to the problems face in the market and make one's business better. Keep in mind that thinking innovatively is the easiest way to beat competitors in the market. Just like what bitcoin did, it dominates the cryptocurrency transactions and remain the number 1 cryptocurrency on the Coinmarketcap. It seems that perhaps the achievements of bitcoin it's impossible to know the true Satoshi. He has become a larger than life character; people have heaped upon him so much of their ideas about who he should be and how he should act, that no one person can live up to the idea that Satoshi has become.
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