After hitting its £1 billion milestone and raising $25 million from Sir Richard Branson and others this year, TransferWise is now moving beyond the ‘early adopter phase’ to challenge the banks for the mainstream customer.
As a first step towards this goal, TransferWise has launched a TV ad clearly taking aim
at over inflated money transfer fees charged by banks.
“The retail banking industry – particularly in the UK – is dominated by a handful of major players. This poses a huge challenge for fintech companies like us, looking to attract consumers who’ve grown up with the same few brand names,” explains Taavet Hinrikus, co-founder of TransferWise.
“We believe that just being a little better isn’t enough, so we strive to offer something that’s ten times easier, faster and better than the banks to make mainstream consumers aware of alternative finance providers like us.
That’s why we’ve invested in the new product, brand and TV ad that we’re launching today.”