TransferWise announces that they've now hit the milestone of £1 billion (€1.21 billion) mark in cross-border payments. The Estonian-founded and London-based company also announced it's gotten its Android app ready, meaning Android users can also move some money on the go. May of last year, as they received investment from Valar Ventures, Transferwise had only hit the £125 million milestone.
After a request, TransferWise did not share any more breakdown of this number, but £1 Billion is no small amount of money, leading me to think that that the bulk of this growth isn't just expats seeing TransferWise billboard and sending a thousand euros back home every once and a while. Instead TransferWise's b2b targeting is likely making up a good portion of this growth. Around the time of their past investment, TransferWise targeted EU startups by giving away free transfers.
The company has now hit 176 currency routes, meaning TransferWise isn't just a way to move money through Europe's mess of currencies. Recently they've launched Chinese Yuan, Indian Rupee, Turkish Lira, and South African Rand.
“Hitting £1bn transferred is a huge vote of confidence in what TransferWise is doing. It shows that people won’t put up with opaque fees and poor service from banks any longer, and they’re embracing solutions that technology can offer. This is especially exciting in financial services where there has been so little change for so long,” says Taavet Hinrikus, co-founder of TransferWise in a statement.