TransferWise hits £1bn in international payments

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The firm has grown in leaps and bounds since being backed by Silicon Valley veteran Peter Thiel last May and now employs 76 people including co-founders Taavet Hinrikus and Kristo Käärmann.

Its platform allows customers to make international money transfers on 176 currency routes at a significantly lower cost than banks charge. The firm claims it has saved customers £45m since launching.

Hinrikus said: “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.”

Related: TransferWise shows exponential growth after Thiel investment

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