TransferWise, the London remittances startup valued at $1.1bn, is launching TransferWise for Business to cater to SMEs sending money abroad.
The company released its business offering through a beta trial shortly after its May $26m Series D round. It says £1bn ($1.3bn) already passed through the business platform as it was being developed.
As part of the business-focussed offering TransferWise is also launching Mas Pay to allow businesses to transfer and track a large number of payments simultaneously.
TransferWise claims that 44% of UK SMEs send or receive money through international transfers at least once every six months, yet many are unaware of how their bank charges them.
“SMEs make-up 99% of all UK businesses – they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges,” says Nilan Peiris, TransferWise’s VP of growth.
“That just isn’t fair and we wanted to do something about it. We’ve listened to what businesses want, and created a tailored, easy-to-use product for businesses with fast registration, easy reporting and dedicated business customer support teams.”
TransferWise has raised more than $116m to date from investors including Silicon Valley heavyweight Andreessen Horowtiz, in a rare UK investment by the firm.
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