Banking across borders used to be an expensive pain in the neck until TransferWise found a better way to do it. The London-based startup matches users in one country who want to move money abroad with counterparts in another who want to move cash in the opposite direction. Instead of dealing with exorbitant wire fees at a bank, TransferWise charges 1% or less.
The service is so popular among expats that TransferWise has become not just a unicorn (a startup valued over $1 billion) but a profitable one too. Now the company, which is backed by big names like Andreessen Horowitz and Richard Branson, is moving into banking for businesses.
