London-based tech unicorn Transferwise has expanded its business into the Asia Pacific region, announcing the opening of a new office in Singapore.
Transferwise, a service specialising in sending money abroad for a fraction of the cost of that of traditional banks, was started in 2010 by Estonian entrepreneurs, Kristo Kaarmann and Taavet Hinrikus. It has since received backing from several high profile investment firms including Peter Thiel’s Valar Ventures and Andreessen Horowitz, to the tune of $117 billion. It was last valued at $1.1 billion.
Already prolific in Europe and the US, Transferwise has been slow to expand into Asia. It only allows outbound sending from four markets; Japan, Singapore, Australia and New Zealand. It is currently in midst of expanding to cover Hong Kong and its expansion efforts into the region will be significantly aided by a new office in Singapore.
Taavet Hinrikus, CEO and co-founder, TransferWise said: “It made perfect sense for TransferWise to choose Singapore as our APAC hub. The region is important for us as we expand globally, bringing our service to everyone in the world that transfers money internationally.
“Singapore is the perfect location to grow our team here. The Monetary Authority of Singapore (MAS) have demonstrated their commitment to making Singapore a place where FinTech companies can flourish and we’re excited to be part of that”, he added.