London start-up TransferWire – a startup that allows users to send money overseas at a far lower cost than what is traditionally charged by banks for the service – has received a shot in the checking account with a $25 million investment from Sir Richard Branson (among others). This adds to the $6 million the firm had already raised.
Some of the new funds will go towards marketing the service, which may or may not include the use of Mr. Branson as a spokesperson.
“Nothing definitive at this point” about using Branson in ads, TransferWise co-founder Taavet Hinrikus told The Wall Street Journal. Hinrikus has the distinction of being Skype’s first staff employee.
TransferWise, reports that is has transferred about $1.68 billion. The company’s business model involves matching customers’ transfer requests and using its own bank accounts in various countries to make the trades. The company has been looking to expand in the U.S., but may need a chartered bank here as a partner.
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