TransferWise Clears £500 Million a Month Milestone of Currency Transfers

TransferWise's marketing stunts appear to be paying off as Founder Taavet Hinrikus revealed they have reached over £500M in monthly

You can describe the team behind TransferWise in any number of ways, but one you can’t call them is shy. Led by their founders Taavet Hinrikus and Kristo Kaarman, TransferWise has pulled off gorilla publicity campaigns in major cities such as #Nothing2Hide in New York City and #Bath4Banks in London.

The sometimes provocative stunts though appear to be working for TransferWise, as customers are recognizing the value in their low cost international currency transfer platform. Based on P2P principles learned by Hinrikus while working at Skype, TransferWise matches money changing demand of its users to remove the need of middle men banks to decrease transfer fees.

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Speaking to BBC’s Radio 4, Taavet Hinrikus revealed that his firm has surpassed the £500 million a month milestone of currency transfers initiated on its platform. The growth comes on the back of increased UK and international recognition of their offering which has been steadily increasing the number of currencies and countries they support. According to Hinrikus, within the UK, TransferWise has grown to have grabbed about 2% of market share of the country’s overall international money transfers.

In regards to the growth and the future, Hinrikus stated to the BBC that ““We transfer tens of millions of customer money everyday and we have approximately two per cent UK market share of the international money transfer business. This figure is only going to grow as customers become fed up with the traditional banking sector and look for fairer alternatives like TransferWise”.

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