TransferWise launched in 2011 and will be Valar Ventures first investment in Europe. Figures of $6 million in cash have been mentioned. TransferWise co-founder Taavet Hinrikus said having Thiel on board would enable the company to accelerate its expansion plans to add new currencies and launch the site in new markets including Germany, Spain, France, and Italy.
Hinrikus and his fellow founder Kristo Kaarmann realised they could exchange pounds and euros between themselves at the mid-market exchange rate, saving on the fees imposed by banks. The business has now transferred more than $192 million worth of customers' money, the company said.