Money Transfer Firms Upended By Pandemic, TransferWise Included

According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks havoc across the globe; traditional money transfer companies Western Union and MoneyGram International have seen a sharp drop in transactions, though things have picked up they are not anywhere near pre-crisis levels; even the startups disrupting the space are feeling the pain, TransferWise is set to complete their second secondary share sale in the last couple of years; the company is in talks to sell shares owned by early investors and staff at a $5bn valuation, the last sale was valued at $3.5bn just 14 months ago; TransferWise has moved beyond just money transfers and added additional products to diversify their business, pointing to the fact that money transfers are in trouble with the continued uncertainty. Financial Times.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.