Estonian seed company wins acclaim in London

28.11.2012, 13:14

UK magazine London Loves Business has ranked Estonian seed company TransferWise the most revolutionary seed company in the finance technology sector, reported Äripäev.

The two founders of TransferWise - Taavet Hinrikus (first employee at Skype) and Kristo Kaarmann (Deloitte and PWC) - came up with the idea out of frustration at the amount they were paying sending money back to their native Estonia.

This peer-to-peer platform allows people to transfer money abroad at a lower cost than is traditionally offered by the banks. The system works by making sure there are people to want to swap euros for pounds, at the same time as someone wants to transfer pounds from the UK.

It has had $1m investment from a group of savvy investors including IA Ventures and Index Ventures and recently partnered with start-up peer The Currency Cloud to add more currencies to its roster.

Also Financial Times recently published an article featuring TransferWise. According to it, the finance technology sector in London is worth about EUR 1.3 billion.