Founded in 2010 by Taavet Hinrikus, 38, and Kristo Kaarmann, 39, TransferWise became the first non-bank to gain access to the Bank of England’s payment system last year. This allows it to bypass established banks and charge its 5m customers lower fees. It moves £4bn every month between 49 currencies, and has 12 offices globally, including in Tokyo, New York and Brussels. Sales — fees paid for transfer services — reached £179.1m this year. In May, the company completed a $292m funding round led by Lead Edge Capital, Lone Pine Capital and Vitruvian Partners, taking the total it has raised to $689m and valuing the firm at $3.5bn.
This profile reflects the company at time of publication and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.