British Fintech Transferwise Eyes U.S. Customers

July 23, 2019 | FinTech
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At a valuation of $3.5 billion, Transferwise is a unicorn and Europe’s biggest fintech

Transferwise has established itself as a major player in the British fintech community. Now, British-born Netflix star Tan France will endorse the debit card from Transferwise soon to be launched in the US.

The firm launched in the UK and Europe in 2018. Today, the card has already made waves with 15 million transactions, and over $10 billion in deposits.

The firm claims the debit card is six times cheaper when used to withdraw cash in foreign countries.

US card-holders have many options

The company is a money transfer platform that aims to revolutionize the process of managing money to and from other countries. It also wants to offer the world’s first global, borderless account.

US card-holders can transact 40 different currencies on their debit card. As well, the card can be used with Apple Pay, Google Pay, and Samsung Pay.

US shores: Transferwise was preceded by Monzo and OakNorth

Earlier this week, Monzo, a UK app-based bank, scooped up $144 million in Silicon Valley funding to enable its US launch and marketing.

In February 2019, UK digital bank OakNorth closed a $440 million funding round with the SoftBank Vision Fund and the Clermont Group. The funds will pay for international expansion.

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