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Jeddah - Yasmine El Tohamy - LONDON: One of the world’s fastest growing fintech firms aims to cut the costs of sending money home from the UAE after setting up shop in the country.
TransferWise said it will allow people to send funds home at the real mid-market exchange rate, avoiding the chunky commissions sometimes charged by banks. Its local unit called TransferWise Nuqud LTD is regulated under the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority.
It claims it can offer rates up to two times cheaper than major banks and other exchange houses. A quarter of its international transfers are delivered in less than 20 seconds.
The startup generated revenues of £179 million in the year to March 2019, and net profits of £10.3million, it said in a statement.
“Sending money abroad should be as easy as sending an email, yet many people are still reliant on expensive, slow legacy services,” said Kristo Käärmann, CEO and co-founder of TransferWise. “People can now send money to over 80 countries without leaving their homes, and all at the real, mid-market exchange rate.”
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise was launched in 2011 and has become one of the world’s fastest growing tech firms with $689 million in primary and secondary funding already raised from investors that include Richard Branson.
“This launch is the largest UK FinTech market entry in the region to date, and will pave the way for other UK fintech companies to offer their services,” said Simon Penney, Her Majesty’s Trade Commissioner for the Middle East.
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