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. The new round of funding, which was led by venture capital firm Andreessen Horowitz, will help fund its expansion into Europe, where it is already available for businesses that want to accept payments from customers via 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.