TransferWise Raises $1.3M From Index, Others For The Next Disruption In Money Transfer: Crowdsourcing

If you've ever had to transfer money from one currency to another, you know that it can be a frustratingly pricey business. Now a new company, TransferWise, has raised seed funding totaling $1.3 million to tackle that problem. TransferWise describes itself as the "Skype of money transfer" because it allows consumers to send money between UK and European accounts for a fraction of the price that banks charge, using a peer-to-peer, "crowdsourced" model to get the best rate on the exchange. (And, also like Skype, it is banking on scaling up the business quickly in order to make some money back on the margin that it loses in individual transactions. So far the service is only available in two currences, euros and dollars, but there may be more added soon.)

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