TransferWise founder: We’re proud to be shrinking the banking industry

| April 21, 2016

TransferWise founder: We’re proud to be shrinking the banking industry
TransferWise is part of the expanding financial technology sector, which has drawn $19 billion in investment in 2015 according to a report from Citigroup, which projects U.S. bank staffing will drop by 30 percent and one-third of existing bank branches will disappear by 2025.“Bankers are right when they say the market is shrinking,” Kaarmann said during a visit to TransferWise’s Tampa office. “We’re very proud to be the ones shrinking it.”Kaarmann and co-founder Taavet Hinrikus launched TransferWise in 2011. The company now moves more than $750 million monthly — about $10 billion a year — through its platform.

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