TransferWise is a company started up back in 2010 by Kristo Käärmann and Taavet Hinrikus. It started when Taavet was working in Estonia but lived in London whereas Kristo was working in London with a mortgage in Euros back in Estonia.
They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s euro account with euros. Both got the currency they needed, and neither paid a cent in hidden bank fees.
“There must be others like us,” the epiphany went.
And the rest is TransferWise: a company that focusses solely on finding pairs like Kristo and Taavet in two different nations. It’s another classic example of a company with a simple concept but exceptional execution.
Click here to read about TransferWise
TransferWise has recently raised $58 million in a new round of funding that values the company close to $1 billion. Some of the investors in TransferWise include Paypal Co-founder Max Levchin, former Betfair CEO David Yu, Wonga.com co-founder Errol Damelin, Paypal Co-founder Peter Thiel, Ben Horowitz, founding partner at Andreessen Horowitz and Sir Richard Branson, founder of the Virgin Group.
Read more about TransferWise here.