TransferWise a money transfer service allowing private individuals and businesses to send money abroad without hidden charges, has secured an additional license from UK regulators that will give customers with money deposited the option to invest in future investment products.
TransferWise currently valued at $3.5 billion with 8 million customers and total deposits sitting at around £2 billion, is a British online money transfer service founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus.
The company as yet has not revealed the full details of the investment opportunities that will be available, except to say that it will initially offer “simple, affordable funds from reputable providers” so that customers can earn a return on their balances.
Customers with up to £85,000 of money held as investments within a TransferWise account will be protected under the Financial Services Compensation Scheme.
According to TransferWise The new offering is still in development and will launch “in the next 12 months.”