BECKERMAN: “TransferWise is a perfect example of how the Internet can be used to increase quality and reduce prices for users worldwide.”
Washington, D.C. – The Internet Association announced today that TransferWise, the innovative international money transfer platform, has joined its growing membership ranks. TransferWise harnesses the power of the Internet to cut the costs of sending money abroad tenfold. Its innovative peer-to-peer technology allows its customers to avoid the hidden fees that banks charge to send money abroad, and makes it faster and easier than ever for consumers to manage their money internationally.
“Technology is democratizing the financial services sector. At TransferWise, we’re helping people manage their money by making it fair, fast and low-cost to send money internationally,” said Kristo Käärmann, co-founder of TransferWise. “Our membership in the Internet Association is important as we look to engage policymakers so we can help create a more transparent and efficient financial system that is fit for the twenty-first century.”
Co-founded by Taavet Hinrikus and Kristo Käärmann in 2010, TransferWise was created out of frustration with the high fees charged by banks on international money transfers. The company’s innovative approach to financial services has led to its recognition as a World Economic Forum Technology Pioneer, CNBC 50 Disruptor and Forbes Fintech 50 member.
Over 1 million people use the TransferWise platform to send over $750 million a month around the world, saving themselves more than $1 million every day compared to what they would pay through a typical bank. The company’s revolutionary model has received over $91 million in backing from investors including Andreessen Horowitz, Sir Richard Branson, Peter Thiel and former Citibank Group CEO Vikram Pandit.
“The Internet Association is thrilled to welcome TransferWise to our membership, as we work to advance pro-Internet public policy solutions that foster innovation, promote economic growth, and empower people through the free and open Internet,” said Michael Beckerman, Internet Association President and CEO. “TransferWise is a perfect example of how the Internet can be used to increase quality and reduce prices for users worldwide.”
TransferWise is the international money transfer platform based on peer-to-peer technology. Launched in 2011, it is one of the most successful fintech startups having raised $91m in funding from investors such as Andreessen Horowitz, Sir Richard Branson, and Peter Thiel and Max Levchin, the co-founders of PayPal.
Co-founded by Taavet Hinrikus and Kristo Käärmann, the company was created out of frustration with the high fees charged by banks on international money transfer. TransferWise uses the mid-market rate – without the hidden mark-up fees — making it up to 10 times cheaper to send money abroad compared to using a bank.
Over $750 million is transferred across the globe every month using the TransferWise platform, saving customers more than $34 million every month. TransferWise is working to make the world a tiny bit better by helping to make the financial system fair.
About the Internet Association
The Internet Association’s mission is to foster innovation, promote economic growth, and empower people through the free and open Internet. The Internet creates unprecedented benefits for society, and as the voice of the world’s leading Internet companies, we ensure stakeholders understand these benefits. The Internet Association represents the interests of leading Internet companies including Airbnb, Amazon, Auction.com, Coinbase, DoorDash, Dropbox, eBay, Etsy, Expedia, Facebook, Fanduel, Google, Groupon, Handy, IAC, Intuit, LinkedIn, Lyft, Monster Worldwide, Netflix, Pandora, PayPal, Pinterest, Practice Fusion, Rackspace, reddit, Salesforce.com, Snapchat, SurveyMonkey, TransferWise, TripAdvisor, Turo, Twitter, Uber Technologies, Inc., Yahoo!, Yelp, Zenefits, and Zynga. The Internet Association is dedicated to advancing public policy solutions to strengthen and protect Internet freedom, foster innovation and economic growth, and empower users.