25 October 2014

Richard Branson joins $25m TransferWise funding round

10 June 2014  |  4326 views  |  0 cash

High profile investors Richard Branson and Peter Thiel have joined a $25 million series b funding round for London-based international money transfer platform TransferWise.

As well as new investor Branson and Thiel's Valar Ventures, existing backers IA Ventures, Index Ventures, TAG, and the owner of Le Monde Xavier Niel joined the round, which takes TransferWise's total funding to $33 million.

The three year old startup uses peer-to-peer technology to match transfers in one currency to those in another, and sends the money from a bank account in the host country to the target account.

So far the platform has been used to transfer more than £1 billion, saving - claims the firm - users over £45 million in banking fees.

TransferWise says it will use the money to continue its aggressive attack on banks and the "hidden fees" they charge for international money transfers.

Having recently posted a prank video on YourTube showing a bar tender pulling pints for customers and then taking a scoop off the top for himself, the startup has now unveiled a Pinterest "Board of Shame" featuring its competitors' advertising.

Branson - no stranger to publicity stunts, himself - has become increasingly involved in the fintech space recently, investing in mPOS giant Square and troubled mobile money startup Clinkle. His TransferWise punt though will see him in bed with a company providing direct competition to his Virgin Money empire.

Says Branson: "It's encouraging to see entrepreneurs using technology to reinvent the old-fashioned FX industry and make a real difference in the market. I see tremendous opportunity for startups like Transferwise to offer breakthrough financial services and products."

KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

15 April, 2014
23 October, 2013
26 September, 2013
18 April, 2012
08 November, 2011

Related company news

 

Featured job

Basic 1-1.3 million SEK - OTE 2.5 million SEK - NO...
Stockholm (possibly Oslo or Copenhagen)

Find your next job