Transferwise, a European Fintech Unicorn, has provided an update on progress in the United States. The company crossed the Atlantic about 2 years ago and management hasn’t looked back since.
As of today, Transferwise has completed 2 million transfers totaling almost $11 billion in the U.S. alone. That’s a lot.
The company has compiled a list of factoids to share. Transferwise has facilitated:
- $11.4 million for wedding payments
- $31.4 million for college payments
- Almost $14 million for 5,344 hotel payments
- $2.46 million in charitable transfers
Full disclosure, the Crowded Media Group, parent company of Crowdfund Insider, is a Transferwise customer. After our banking representative said they didn’t do international transfers (seriously), Transferwise provided an effective and simple platform to transfer money just about anywhere. Less expensively than a traditional bank, I might add.
Most recently, Transferwise announced a dedicated business product where customers could hold funds in local currency. TransferWise for Business is a fee based service at a 1% fee per transaction, and 0.7% for amounts over $5,000. Borderless accounts means there is one less reason to use a traditional bank. At some point in the future, we expect them to take the next step in becoming, well, more like a bank. Minus the silly fees and terrible service.