TransferWise To Reach 1 Billion Euro Value

TransferWise To Reach 1 Billion Euro Value

The British payments start-up TansferWise reportedly entered new fundraising talks that will see its valuation hit 1 billion euro. According to a r

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The British payments start-up TansferWise reportedly entered new fundraising talks that will see its valuation hit 1 billion euro.

According to a report published at Sky News (news.sky.com), TransferWise is in talks with IVP, an investor in Netflix, Snapchat and Twitter.

Sources said this weekend that the payments company could finalise its new funding within a matter of weeks. If the talks are successful, TransferWise could double the $117m (90m euro) it has already received, as Sky News wrote in their article.

TransferWise is used by more than one million people to transfer money internationally, saving them more than 1.5m euro each day.

“Banks could charge you up to 5% in hidden costs when sending money to any bank account abroad. TransferWise is up to 8x cheaper on surveyed routes. It’s only fair.”, as the company explained on their website.

The payments start-up offers users competative exchange rates as it has accounts across the world. TransferWise uses the real exchange rate, claiming to be completely transparent.

TransferWise has attracted some of the biggest names in Silicon Valley and convinced them to inbet. Some of them include Andreessen Horowitz, one of the early supporters of Facebook and Sir Richard Branson, the Virgin Group founder, as Sky News wrote.

The company is planning to expand, opening an office in Singapore in an effort to establish itself in one of Asia`s business hubs, as Business Insider noted.

At the same time, TransferWise has also spred its servies in markets like China and Sri Lanka, as Sky News` article made clear.

A TransferWise spokeswoman reportedly refused to comment on the information regarding talks with investors.

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