TransferWise grabs 2% of UK remittance market from big banks

Cheeky Tech City-based startup TransferWise is now moving more than £500m across the world every month for its customers, taking 2% of  the UK global remittance market just four years after launch.

The company, which raised $58m in Series C funding from the US’ Andreessen Horowitz back in January, believes this means they’re saving people an equivalent of £22m per month in hidden bank FX fees.

Taavet Hinrikus, cofounder of TransferWise, said: “Exceeding the £500m a month milestone is important as it shows a fundamental shift in people’s awareness of how banks, brokers and others take advantage of customers by hiding the real cost of international transactions.

“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 people become fed up with the traditional banking sector and look for fairer alternatives like TransferWise.”

The Estonian company is using its VC cash to grow internationally, recently launching in Morocco, Pakistan, Brazil and Nigeria.