Goldman Sachs put out an epic “year in review” style note of its 100 favourite charts that sum up the year this week and one that stands out relates to TransferWise, one of the few British tech unicorns (private companies worth over $1 billion).
TransferWise uses a peer-to-peer matching service to bring down the cost of sending money internationally online.
How much does it bring down costs? An order of magnitude as the chart from Goldman below shows:
TransferWise’s fees when sending money from the UK to Germany are sub-1%, compared to over 3% at a Western Union and over 4% for High Street banks.
Of course, that’s just one currency route and the figures do all come from TransferWise. But it goes some way to explaining why investors value the business so highly.