Singapore-based money movement start-up, TransferWise, announced it has received a further $26m in funding to expand into the small business market, taking the platform’s valuation to $1.1bn according to TechCrunch. TransferWise is now covering business cross-border payments, in the new product called “TransferWise for Business”, and says its rates are 1/7 what a bank would charge, although it doubts a bank would ever tell a customer that: “Banks have traditionally made it very hard to understand how much small businesses are paying and for what. They are being taken advantage of,” co-founder Taavet Hinrikus told The Telegraph.
London-based money movement start-up, TransferWise, announced it has received a further $26m in funding to expand into the small business market, taking the platform’s valuation to $1.1bn according to TechCrunch. TransferWise is now covering business cross-border payments, in the new product called “TransferWise for Business”, and says its rates are 1/7 what a bank would charge, although it doubts a bank would ever tell a customer that: “Banks have traditionally made it very hard to understand how much small businesses are paying and for what. They are being taken advantage of,” co-founder Taavet Hinrikus told The Telegraph.