The Estonian-founded, London-based, money transfer firm TransferWise is among the 50 world’s leading fintech innovators, according to the latest Fintech 100 list.
The Fintech 100 list is a collaborative effort between Australian fintech investment firm H2 Ventures and global professional services firm KPMG, and analyses the fintech space globally (fintech refers to new solutions which demonstrate radical and disruptive innovation development of applications, processes, products or business models in the financial services industry). The report highlights those companies globally that are taking advantage of technology and driving disruption within the financial services industry.
“The Fintech 100 includes the leading 50 established fintech companies across the globe, and the most intriguing 50 ‘emerging stars’ – exciting new fintech companies with bold, disruptive and potentially game-changing ideas,” KPMG said in a report.
“These companies are using technology to the best advantage, driving disruption within the financial services industry, as well as enabling incumbent financial institutions to capitalise on new technology – to deliver an enhanced customer experience, launch new products and services to generate growth, allow them to better manage risks and to improve their operating efficiency,” the report added.
Estonian-founded TransferWise was included among the ‘emerging stars’ list, at 46. “The firm’s pricing and operating model is a substantial departure from standard practice in the money transfer sector, providing customers with a lower-cost alternative to traditional means of moving money internationally,” the report said.
Estonians Taavet Hinrikus and Kristo Käärmann launched the peer-to-peer money transfer service TransferWise in London in 2011 and their firm has now grown to employ over 300 people in London, Tallinn and New York, supporting over 300 currency routes across the world and attracting investments from Sir Richard Branson, Peter Thiel and Vikram Pandit along the way.
In August last year, TransferWise was chosen as a ‘technology pioneer’ by the World Economic Forum. In November, Hinrikus and Käärmann won the Web Entrepreneur of the Year award, presented by the European Commission and Deloitte during the Slush startup conference in Helsinki, Finland.
Cover: TransferWise founders Taavet Hinrikus and Kristo Käärmann. Photo by Tiit Blaat.