International money transfer platform TransferWise has opened their first U.S. office in Tampa, Fla.
Based on peer-to-peer technology, TransferWise saves customers money on international transfer fees because they pair people sending money out of a given country with those receiving money in that same country. Only the mid-market rate is charged, making TransferWise up to 10 times cheaper than other options.
That model has caught the attention of some heavy hitters in the fin-tech investment community. TransferWise has raised $91 million from Peter Thiel, Richard Branson, Max Levchin and Andreessen Horowitz, among others.
TransferWise was founded in 2011 by initial Skype employee Taavet Hinrikus and Kristo Kaarmann. More than $750 million is transferred through the platform each month, with customer savings estimated at $34 million.
Just under 50 employees have been hired. An additional 200 positions are planned within the next three years.