The legendary giant investment firm Andreessen Horowitz has backed Transferwise with a whooping $58 million. This puts the venture capital firm at number one as far as investor backing in Transferwise is concerned. The move is expected to boost Transferwise enabling it grow stronger, expand its territory and improve service delivery in terms of quality and speed.
La Línea de la Concepción, Spain -- (SBWIRE) -- 02/03/2015 -- The legendary giant investment firm Andreessen Horowitz has backed Transferwise with a whooping $58 million. This puts the venture capital firm at number one as far as investor backing in Transferwise is concerned. The move is expected to boost Transferwise enabling it grow stronger, expand its territory and improve service delivery in terms of quality and speed.
TransferWise is an overseas money transfer company that eliminates high bank charges making money transfer abroad more cost effective. It was founded by two visionaries; Taavet Hinrikus and Kristo Käärman.
Having been formed at a time of dire need, when the old world finance was under serving and inefficient, Transferwise represents the adage, 'Necessity is the mother of invention'. It quietly erupted in 2011 as an archetype of transformation. Its founders envisioned a world where money flowed easily, almost freely across nations while still upholding utmost security common to financial institutions.
In 2015, four years down the line, with the help of this heavyweight patronage Transferwise is set to go truly global. At present, Transferwise serves 292 currency routes. Three hundred more are planned for 2015. Their customer base extends more than 50 countries with many more potential destinations.
Following the success of Facebook, Twitter, Airbnb, Github and Pinterest; all backed by Andreessen Horowitz, there is a great deal of excitement in Transferwise with assurance of further success. The move further puts Transferwise in a halo of great prospects in the investment world.
Andreessen Horowitz (@a16z) is one of the world's largest and most reputable investment firms. It was founded in 2009 by the celebrated Marc Andreessen and Ben Horowitz. It has its headquarters in California. It was auspicious that serial innovator and a16z founder Ben Horowitz joined Transferwise board of directors. This was his first ever board seat in Europe.
"We are thrilled to be backing Taavet and Kristo. They discovered an important secret and are uniquely prepared to pursue it. Not only is their solution 10 times better than the old way of exchanging foreign currency, it could not have come at a better time. We see massive opportunity for new financial institutions like TransferWise." – Ben Horowitz
According to TransferWise review the investment also includes backing from existing TransferWise backers Sir Richard Branson, Peter Thiel's Valar Ventures, Index Ventures, IA Ventures, and Seedcamp.
Regarding this humongous investment Transferwise founders had this to say;
"We're honoured to have the backing and mentorship of some of the world's smartest and most esteemed innovators. We're building a transparent, fair and truly global world of finance, but the bank's party isn't over yet".
"We're honoured to have Andreessen Horowitz (@a16z) – one of the world's largest investment firms – leading a $58 million funding round. Never forget; the more we are, the stronger we are".
Already established one of the most trusted online money services TransferWise will beyond reasonable doubt have a great financial year after this major breakthrough. It just might be the revolution of online money transfer the world is waiting for.
About Transferwise Review
Transferwise Review is a website that spreads a word about how to send money abroad safely, cheap and with no hidden fees. We strongly support Transferwise in their idea of almost free international transfers available to everyone. Visit our website to see why we do so and why thousands of people are using this service regularly.
Company info: Transferwise Review
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