London-fintech TransferWise is launching its business money transfer service in the US.
The tailored services will let small and medium-sized businesses in the US send money overseas for things like imports, exports, and freelance services done abroad, such as graphic design.
TransferWise, founded in 2011, lets people easily and cheaply send money abroad online. The company is reportedly one of London’s few “unicorns” — a private tech business values at over $1 billion. The company launched in the US in early 2015.
US businesses can use its new service to send money to over 50 countries, covering 37 currencies, and use tools such as “mass pay,” which lets them quickly make multiple payments. Companies can also download records to make accounting easier. Companies pay 1% on payments up to $5,000 and 0.7% on anything above that.
TransferWise CEO and cofounder Taavet Hinrikus says in an emailed statement: “We’ve listened to what businesses want and are excited to be releasing this tailored, easy-to-use product with features that make life easier like fast registration, simple reporting and the ability to make payments at scale. Most of all, we’re excited to be able to offer US businesses a fairer and cheaper alternative for international money transfer.”
TransferWise initially launched as a product for individuals but has steadily been making in-roads into the business market in its home market. The company says customers, both consumers and businesses, are now transferring over $1 billion a month on its network.
TransferWise raised $26 million in May. It recently launched routes to China, Mexico, Japan, and South Korea.
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