Personally I have been under attack on Youtube, Google Search, AdSense, banner ads and outdoor ads. To be honest, it worked, as I used the company to Transfer some of my hard earned cash to the USA and it worked without a hitch. Unfortunately, though, I can’t get the money back easily as you can’t use Transferwise to make the transfers from the US yet.
You probably could have seen this coming given the kind words by Peter Thiel in TransferWise's previous press release, but the PayPal co-founder has led a new €4.6 million ($6 million) investment into Transferwise through Valar Ventures. Transferwise raised about €1 million a year ago, led by IA Ventures, Index Ventures, and Max Levchin, another co-founder of Paypal.
“Innovation in the banking industry typically involves rent-seeking or unsound derivatives, which offer marginal benefits to consumers. TransferWise demonstrates true innovation in banking by enabling its users to retain their wealth across borders,” says Peter Thiel.
I don't enjoy writing articles where I become somewhat of an advertising mouthpiece, but even more than that I hate banking fees, so here we go. Transferwise is giving away $100,000,000 worth of free international bank transfers to European startups, making it more cost effective to pay employees or suppliers abroad, attend conferences, or set up overseas offices.
Transferwise is a London/Estonia based startup that cuts down the huge costs associated with sending international wire transfers through banks. The company is regulated by the FSA and HMRC, and gives average people access to the mid-market exchange rate by using peer-to-peer technology that matches up money transfers.
Tallinn and London-based Transferwise has added debit card integration, making it easier to speed up the process of sending money abroad at low cost. Previously the process was two steps, where customers had to send money to Transferwise through their own bank, but now customers can add credit card details manually into the website - speeding up the process.
From the comments that can be found around the web and from the people that attended the awards, it seems that Europas is the fastest awards event out there. After all, it finished 20 minutes ahead of schedule, which is not something you see too often at a startup event.
But this is not why you are reading this, you want to find out just how well did Arcticstartup Region startups perform. Going in, there were quite a lot of startups, vc’s, entrepreneurs and accelerators that were nominated from the region. Thankfully, going out the results are quite good as well.
The idea of disrupting one of the largest industries in the world has become quite popular in our region. After all, even if you get a minuscule part of the pie, you are a billionaire. So companies such as Holvi, Transferwise and Isepankur are trying to do just that - making a dent in one of the largest, inflexible and controlled industries - Banking. But they are not alone, we have gotten in touch with Victor Lysenko a co-founder and CEO of Rocketbank in Russia.
Before we go into the details of how Rocketbank is aiming to take over the bureaucratic banking world of Russia, it is of interest to note that Lysenko is the former CEO and founder of Darberry in Russia. For those of you who do not know, the controlling stake of Darberry was bought by Groupon just six months after they launched. At that point it was renamed to Groupon Russia.
Christmas has come early this year. That's the lamest way to start an article, but I want the lameness of that sentence to signify how much I hate transferring money back to the States. There's nothing worse than getting awful rates and huge service fees for transferring a sum of money. When you execute a money transfer between banks, it's not like they're loading up expensive ships of gold to sail between countries - for the most part it's just numbers changing in a database. A lot of the spread and fees are just whatever the banking oligopoly can get away with from consumers. And man, it can be expensive.
Sorry about the expat rant there, but the good news I'm talking about is that Estonia-founded TransferWise has added support for the U.S. dollar, adding it to their compatibility with the British pound, Euro, Swiss Franc, Polish Zloty, and the Swedish, Norwegian, and Danish Kroner.
Transferwise, the currency transferring service, has raised $1.3 million (€0.99 million) to expand their team and help bring their service to more currencies. The company was started by two Estonian entrepreneurs, Taavet Hinrikus and Kristo Kaarmann, and is based in London.
The investment was led by IA Ventures, Index Ventures, Max Levchin (co-founder of Paypal) and a group of strategic investors -- such as Errol Damelin, the founder of Wonga. In an interview with ArcticStartup, Co-founder Taavet Hinrikus, the first employee at Skype, described this fundraising as not only a path to expand, but also a strategic way to get the best team together behind the project.
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.
The largest market globally is clearly the financial market where the demand is actually supplied and paid for by the goods themselves - money. TransferWise is a new startup from Estonia that looks to stir things up a little in the currency exchange market. Currently, the market is dominated mostly by brick and mortar organisations who charge high comissions or margins on a simple transaction.