Posted on June 27, 2019 by staff

UK FinTech unicorn Transferwise joins race for US customers


UK FinTech firm Transferwise is the latest firm to begin a push into the US market.

The London-based unicorn, which was recently named Europe’s biggest FinTech at $3.5bn after a $292m funding round, offers a money transfer platform designed to make managing abroad money easier.

The firm’s debit card launched in the UK and Europe in 2018, and its cardholders have since made over 15 million transactions, depositing more than $10bn.

It claims the card is up to six times cheaper when taking out cash in other countries.

Its new US cardholders will be able to spend, hold and convert 40 different currencies with their debit card, which can be used with Apple Pay, Google Pay, and Samsung Pay.

Taavet Hinrinkus, co-founder and Chairman, TransferWise said: “Our goal is to offer bank details for every country in the world through one borderless account — the world’s first global account.

“Since launching in Europe we’ve seen extraordinary customer take-up, with over $10 billion held in deposits so far.”

UK app-based bank Monzo secured £113m Silicon Valley investment recently as it steps into the US for the first time, and digital bank OakNorth plans to launch operations across the Atlantic in the second half of the year.

TransferWise has previously partnered with Monzo to power its international payments for the challenger bank’s UK customers.

The firm has made British-born TV star Tan France – one of the stars of American Netflix show Queer Eye – the new celebrity face of its US product.