Founded in 2010 by Taavet Hinrikus, 37, and Kristo Kaarmann, 38, TransferWise became the first non-bank to gain access to the Bank of England’s payment system as of April this year. This allows it to bypass established banks and charge lower fees for customers across the £2bn it moves every month between 59 countries. Introducing a multi-currency account and debit card in 2017 helped sales, which represent fees paid for transfer services, reach £117.3m in the year to March 2018, as has expansion into Argentina and Hong Kong. Its partnerships include France’s second-biggest bank, BPCE, which has 15m customers, and the UK mobile bank Monzo, giving its 750,000 users access to TransferWise’s services.
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