London - based consumer movement start - up , TransferWise , claims it has received a further $ 26 m in funding to expand into the small business market , raising the platform ’s valuation to $ 1.1bn according to TechCrunch . it is now covering business cross - border payments , in the new product called “ TransferWise for Business ” , and says its fees are exactly 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.