The Money-Moving Platform Backed by Richard Branson

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June 10 (Bloomberg) -- Taavet Hinrikus, founder and executive chairman of TransferWise, discusses the company's money-transfer services with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

The founder and executive officer.

What is transferwise?

It is a platform for making money transfers online.

We help businesses when they need to make an international payment.

How did you found the company, tell us about your ex-pat experience living in london and trying to pay a mortgage back in estonia.

The company started from personal experience.

I used to work for [inaudible] as the first employee.

I moved from estonia to london and i had to go to a bank in estonia every month to record transfer and every month i did it i realized it takes a long time, often for five days and i lose a bunch of the money during transfer.

It is a little like highway robbery.

I met my good friend christo, another estonian guy living in london and he was getting paid and transferring money back in estonia to pay mortgage.

It took a long time and some money got lost.

We realized we could help each other.

They made a transfer from my account to his account.

He transferred to my account in london.

We look to love -- bloomberg to get the exchange rate and we had saved thousands of pounds in bank fees.

You decided to start going through the company.

Probably what is worse about this is they are not transparent about what they are charging.

According to world inc.

Dated, -- bank data, most do not realize that banks hide money at an inflated exchange rate.

We have transferred to show more than a billion pounds.

What about the restrictions and the government regular leash and that would be required and are required by some banking institutions as well as why financial regulators, how do you do with that?

Money transfer a regulated area and that is good.

That will help customers and make sure their money is protected.

Similar to banks we need regulatory approval to operate in the area.

We have to follow the same rules for anti-money laundering.

Tell us about your investors.

I know that sir richard branson is an investor.

We put together a great team of investors and we have chosen to make sure we have an extended team.

We have one of the founders of paypal and we have sir richard ranson join us as an investor.

Richard has a knack and he is one of the great disruptors.

It took us a lot of convincing to get him onboard.

What would you like to see happen with the company in the next six months?

It is rather a question of the next three or five years, can we make sure that people have a good alternative when they are making certain international transfers.

It is making sure the large chunk of the money that they are transferring will move.

That is a goal.

Is it possible this will be done using mobile technology?


We moved over to mobile in the past year and have lots of people using android and iphone applications and that is one of the easiest ways to make a transfer.

Apple in its most recent software release lifted the restrictions on using virtual currency at least for some of the application developers.

What is your take on the use of virtual currency such as bitcoin?

I think what -- bitcoin is an equitable piece of technology but i am yet to see the problem it solves.

When it comes to money transfer many people talk about using bitcoin for money transfer but in reality it is really hard.

I know a company called transferwise that has moved more than a billion pounds of customers money.

We have better solutions right

This text has been automatically generated. It may not be 100% accurate.


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