Investors Bet $1.3 Million On The Money-Transfer Guys Undercutting Banks

You may not have heard of TransferWise, but the technology startup c0-founded by the first employee at Skype just got a leg-up on its path to disrupting the money-transfer industry. The company uses a crowd-sourced model to facilitate money transfers between customers in euro-member countries and those who use the pound-sterling in Britain. Since its founding in January 2011, it’s clocked in about 6,000 transactions, says co-founder Taavet Hinrikus, formally of Skype. He’s tight-lipped about active users, hinting only that the number who used its service is in the thousands. It is still “a ways away from being profitable,” says Hinrikus.

http://www.forbes.com/sites/parmyolson/2012/04/19/investors-bet-1-3-million-on-the-money-transfer-guys-undercutting-banks/