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.
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