TransferWise to open an office in Belgium, initiates Brexit contingency plans

TransferWise to open an office in Belgium,  initiates Brexit contingency plans

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TransferWise, the London-headquartered money transfer service is seen applying for a money-transfer license in Brussels to prepare for a ‘no deal’ Brexit.

Since the U.K prepares to leave the European Union on March 29th, 2019, this license ensures the startup would be able to continue operating in EU. Thanks to ‘Passporting’

What is Passporting of financial service?

According to the Internet definition, “The EU passporting system for banks and financial services companies enables firms that are authorised in any EU or EEA state to trade freely in any other with minimal additional authorisation. These passports are the foundation of the EU single market for financial services.”

Nine offices and 1,400 employees around the globe!

With this move, Brussels becomes the tenth operational place for TransferWise, where they will be maintaining a small remote team locally to run the office.

Having said that, this fintech startup already has nine offices globally include Tallinn, Budapest, Cherkasy, Tokyo, Sydney and Tampa. The company also employs around 1,400 people with 230 in its HQ in London.

Lets expats, foreign students and businesses move money globally!

Founded by Kristo Kaarmann and Taavet Hinrikus in 2011, TransferWise is a money transfer service allowing private individuals and businesses to send money abroad without hidden charges.

Notably, Taavet was part of the small team that started Skype in 2003, and Kristo had a financial services background from Deloitte and PricewaterhouseCoopers.

Up till now, TransferWise has raised a total of $480.7M in funding over 8 rounds. Their latest funding was raised on Nov 9, 2018, from a Debt Financing round.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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