TransferWise hits USD 1.67 billion in cross-border payments

Monday 21 April 2014 11:30 CET | News

TransferWise, a peer-to-peer money transfer company, has processed USD 1.67 billion (GBP 1 billion) in cross-border payments since launching in 2011.

Additionally, the company has announced that the proprietary Android app is now ready to accept money transfers in the cross-border ecosystem. The iPhone app was launched in 2013.

TransferWise is a peer-to-peer service, which allows customers to switch money directly to users in other countries. In 2013, PayPal co-founder Peter Thiel led a USD 6 million investment round for TransferWise with Valar Ventures which was followed by an eightfold increase of transfers made with the service.

TransferWise began to target the B2B market as well. In April 2014, TransferWise processed USD 100 million of international bank transfers to European startups. They now cover 176 currency routes and have expanded past European currencies to also cover the CNY, INR, TRY and ZAR.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: TransferWise, cross-border payments, online payments, P2P, B2B
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events