Start-up is a company that is in the initial stage. The company focuses on a single product or service that founders want to introduce to the market. Many start-up companies have turned into a multinational company later. The Transferwise is a British company founded by Estonians Kristo Karman and Taavet Hinrikus in 2011.
The company offers online money transfer and supports more than 750 currency routes across the world. The concept was that people can transfer money through this app and a small amount will be taken as commission. Transferwise has announced that they had received permission from UK financial conduct authority to engage in investments. They started their operations by sending money internationally.
The company has launched new plans that allow users to invest from third party providers. During a video call, the co-founder Kristo Karman said that they observed that people are sending and receiving money internationally. He further added that the company wanted to take a different approach to traditional banks, which charge interest and lend out money. The company made a deeper push into the banking industry in 2018.
It’s not like if you put money into a savings account in a bank, money doesn’t magically grow there,” said Kaarmann. The money which is deposited will be invested in something. Many companies such as Robinhood Revolt, eToro has gained popularity due to its features like zero-fee stock and cryptography. The company expects to launch its new features in the next twelve months. The company offers a “borderless” multi-currency account tied to a debit card. Users have so far deposited 2 billion in the account. The engagement of the firm with the UK hopes to reach out to more people internationally. The company has risen to top fintech startup in Europe. The company claims that it has about 8 million users globally and 4 billion transaction takes place each month. Its investors include Andreessen Horowitz, Richard Branson, and Peter Thiel’s Valar Ventures. Due to the situation prevailing in the country the tourism industry came to halt. The company has been profitable in running for three years. The founder further said that they are thankful for the customers in finding the company as it helps them to pay the salary of their employers and hire new people and grow their businesses.