FT: Facebook in Negotiations to Buy TransferWise (7)
According to the Financial Times, Facebook is preparing to enter the financial service sector and is in talks with three companies, including TransferWise, founded by two Estonians in 2011.
A spokesman for TransferWise, Donata Huggings, told Äripäev today they have little to comment on the topic, adding that the banking sector needs a shake-up and it is good to see others, such as Facebook, getting into the game.
The deal could be just weeks away, according to FT, and would allow people to deposit and use money on Facebook.
TransferWise is a peer-to-peer international transfer site, allowing users to transfer funds aborad for far cheaper than through traditional banks.