TransferWise Attracting Star Investors, Says Estonian IT Expert


Estonian investor and IT businessman Allan Martinson said TransferWise's business model has great potential and the company will grow, after the company announced a 25-million-dollar (18.5 million euros) investment by British tycoon Richard Branson.

Martinson told Äripäev today the company won't bring new products to the market as there is still potential for developing existing services.

Another Estonian IT businessman, Jüri Kaljundi, said TransferWise could grow into "the next PayPal or Visa" and the investors who have bought into the company know about the financial world and might believe TransferWise has a good base to grow into one of the world's largest financial services providers.

He said Branson's interest is a credit to the company and the Brit's rebellious side fits in with TransferWise's image as fighting against established banks.

Other star investors such as Peter Thiel, famous for being one of the first Facebook investors, Xavier Niel, the owner of Le Monde and venture capital firms IA Ventures, Index Ventures and TAG, have all invested in the company.

TransferWise, founded by two Estonians, offers low-cost international money transfers.

The Financial Times reported in mid-April that Facebook is in talks to buy three financial service companies, including TransferWise.

Source: ERR