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TransferWise - Competitor Profile

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TransferWise - Competitor Profile


TransferWise is a global cross-border money transfer solution. Founded in the UK in March 2010, the solution now enables users to send money globally in more than 50 currencies to recipients’ bank accounts. TransferWise operates on a peer-to-peer (P2P) money transfer model with a network of international accounts around the world. Instead of transferring the sender's money directly to the recipient in a foreign country, TransferWise redirects them to the recipient of another transfer going in the opposite direction, thereby eliminating the need for currency conversion and for funds to actually cross borders. This means TransferWise can offer lower transaction fees than its competitors.

To diversify its portfolio, TransferWise introduced the multi-currency Borderless account for businesses in May 2017, later extending it to individual customers. Account holders are offered a Mastercard-branded contactless debit card that can be used for in-store and online payments as well as cash withdrawals at ATMs in multiple currencies. In addition, TransferWise has secured approval from the Financial Conduct Authority (FCA) to offer investment services to its Borderless bank account customers. The first feature of this investment service is expected to launch within the next 12 months.

The report provides information and insights into TransferWise including -
  • Detailed insight into its business
  • Comprehensive coverage of its products and services
  • Comparative assessment with key alternative payment solutions
  • Information on its performance, including its revenue model
  • The company's important events and milestones

  • In March 2010, TransferWise was founded in the UK. However, the company first launched its services in January 2011.
  • In January 2011, TransferWise commenced its international money transfer service, enabling users to transfer money between pounds and euros.
  • In May 2020, TransferWise launched Pay with TransferWise bill payment solution in collaboration with Xero for businesses in the UK.
  • In July 2020, TransferWise expanded its partnership with N26 to enable its users to make international money transfers via TransferWise. The service has expanded to countries including Brazil, Mexico, the Philippines, South Africa, and Singapore.

Reasons to Buy
  • Gain insights into TransferWise's business operations and key events.
  • Gain insights into its product portfolio and revenue model.
  • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

Table of Contents

  • Benchmarking
  • Performance Highlights
  • Revenue Model
  • How Does It Work?
  • Products & Services
  • Significant Events
  • Appendix

Companies Mentioned

A selection of companies mentioned in this report includes:

  • TransferWise
  • Ripple
  • Stellar
  • Mastercard
  • N26
  • PayGate
  • Google Pay