TRANSFERWISE is on a mission to make cross-border transfers fast, easy and fair. The company was founded by two Estonians with similar problems: salaries in one currency and monthly expenses in another. The tech savvy duo devised a work-around to costly and timely bank transfers by using a peer-to-peer sharing scheme based on current mid-market exchange rates. They launched the start-up in 2011, and now over seven million people entrust TransferWise with more than £4bn per month, saving customers some £3m in bank fees daily. The company is currently valued at £2bn and backed by noteworthy investors like Richard Branson and PayPal founders Max Levchin and Peter Thiel. TransferWise’s latest roll-outs include a borderless multicurrency account with a debit Mastercard. Next up, it plans to offer investment products so that clients’ stashed cash can generate returns. The BV judging panel presents TransferWise with the 2020 Best Value Creation Money Transfer Services (Europe) award.
