PayPal co-founder Peter Thiel invests in London start-up TransferWise
- SC allows Italian marine Girone to fly home after Centre backs plea on humanitarian grounds
- India's states have to help navigate country's growth: Modi tells Journal
- 'Under PM Modi, decision making has replaced policy paralysis witnessed during UPA regime'
- Economy’s green shoots yet to strike roots: Private investment still frozen
- Amit Shah nuances 'Congress-mukt Bharat': Freedom from Congress system
London-based start-up TransferWise, a peer-to-peer international money transfer business, has secured an investment from Valar Ventures, the venture fund set up by PayPal co-founder and Facebook investor Peter Thiel.
TransferWise, which launched in 2011, said Valar Ventures was leading a $6 million funding round, marking the US fund's first investment in Europe.
TransferWise co-founder Taavet Hinrikus said having Thiel on board would enable the company to accelerate its expansion plans.
"This year we're aiming to add a dozen new currencies and launch the site in new markets including Germany, Spain, France, and Italy," he said on Tuesday.
Hinrikus and his fellow founder Kristo Kaarmann realised they could exchange pounds and euros between themselves at the mid-market exchange rate, saving on the fees imposed by banks.
- Muslims and RSS cannot afford to go on hating
- After the initial euphoria, Modi government has created widespread despondency
- Fixing the learning deficit requires a lot more than right kind of tracking technology
- The problem begins with the way we define “urban” and “rural”
- Modi govt’s backward-looking instincts pulls down its forward-looking mission
- Judge-population ratio is not the apt parameter to determine judiciary’s strength