Transferwise has just come out with an announcement that the company has transferred around $13.4 million in currency exchange in its first year. It is situated in London and offers currency exchange for a mere £1. We covered the company a little over a year ago, when it began operations.
The $13.4 million in transfers was made up of over 5500 individual transfers, which may not seem like a lot but this yields an average exchange to be just over $2300. To me this is a sign of trust if people are willing to transfer amounts this large across the service.
According to a comment given to The Next Web, Taavet Hinrikus, a co-founder of the company, Transferwise will be expanding to other currencies outside the Pound Sterling and Euro. “We’ll start by adding a few more European currencies and then will be expanding to other popular currencies. Also we’ll be thinking about product development – there are many areas where we can go next, by adding an API or business services or faster payments or a mobile client.”
The company is backed by Seedcamp and was founded by Taavet Hinrikus and Kristo Käärmann. Hinrikus is the first employee at Skype.