Vikram Pandit invests in TransferWise

Vikram Pandit invests in TransferWise

Former Citigroup chief executive Vikram Pandit has invested in London-based money transfer startup TransferWise.

TransferWise co-founder Kristo Kaarmann took to Twitter to confirm that Pandit joined the likes of Andreessen Horowitz and Richard Branson in the fintech outfit's $58 million funding round earlier this year.

The fast-growing company has handled more than £3 billion in foreign currency transfers on behalf of users, who side-step bank fees by performing peer-to-peer currency exchanges at the mid-market rate.

It now employs 400 people and recently set its sights in the American market, adding the US dollar to its list of currencies.

Pandit, who left Citi in 2012, has taken several punts on fintech startups looking to disrupt his old industry, investing in student lending outfit CommonBond and marketplace lending technology provider Orchard Platform.

Comments: (1)

A Finextra member
A Finextra member 07 October, 2015, 07:28Be the first to give this comment the thumbs up 0 likes I find it intriguing that the most corporate of bankers suddenly adopt a create streak, once they have left their position at the head of a bank. I am sure many an internal project trying to do the same was refused finding. Is it any wonder there is such a distrust of this sector.