TransferWise is a peer-to-peer money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus. Based in the United Kingdom, the service allows users to transfer money between countries and make foreign payments using the mid-market or interbank exchange rate.
In its first year, transactions through TransferWise amounted to 10 million EUR, and the service has expanded from allowing conversions between euros and British pounds sterling to also include US dollar, Polish zloty, Swiss franc, Hungarian forint, Georgian lari, and the respective crowns of Norway, Sweden and Denmark.
TransferWise has received seed funding amounting to $1.3 million from a consortium including leading venture firms IA Ventures and Index Ventures, as well as individual investors such as PayPal co-founder Max Levchin, former Betfair CEO David Yu, and Wonga.com co-founder Errol Damelin. TransferWise also received investment after being named one of Seedcamp 2011's winners. In May 2013 it was announced that TransferWise had secured a $6 million investment round led by Peter Thiel's Valar Ventures.