International money exchanger Transferwise, today announced it has doubled its total transfers to £250m in just four months.
The service uses a peer-to-peer model, allowing companies to bypass the banks and get better rates for their international cash exchanges.
The company claim they can be up to 10 times cheaper than using a bank as they remove hidden fees used by traditional foreign exchanges.
Since Mr Thiel joined the team, the company now transfer £1 million a day and has seen a growth of up to 30% month-on-month.
Adding currencies
The team have also brought on board an additional 4 currencies including the Indian Rupee and the Australian Dollar.
South African Rand and Turkish Lira have also been incorporated in the expansion.
Plans for an iOS app, the ability to receive money via email and easy invoicing have also been revealed.
Taavet Hinrikus, co founder of TransferWise, said:
“The investment from one of Silicon Valley’s finest investors was a huge vote of confidence in us and in the London startup scene – by doubling in size in just four months, we’re showing we’re well placed to repay that faith.”
Gaining clients
In April of this year, the startup gave away $100 million worth of free international transfers to 1000 lucky startups.
The campaign caught the eye of Sir Richard Branson, who lent his support saying: “This innovative idea for shaking up the financial services sector while helping startups in a practical way has caught the eye of many new businesses already, as well as established brands like Virgin.”
Tranferswise have also released a promo video to show off their latest plans, shown below.