Ahead of Brexit, Transferwise applying for licence in Brussels ({{contentCtrl.commentsTotal}})

TransferWise founders Kristo Käärmann and Taavet Hinrikus aren't taking any chances when it comes to the possibly of a no-deal Brexit.
TransferWise founders Kristo Käärmann and Taavet Hinrikus aren't taking any chances when it comes to the possibly of a no-deal Brexit. Source: Transferwise

In order to ensure the continuation of services in the event of a no-deal Brexit, international money transfer service provider Transferwise is applying for a new licence in Brussels.

Over 200 people work at the company's head office in London, and regional head offices are also located in New York and Singapore. Transferwise is also set to open a new office in the Belgian capital, which will be its tenth, including its three regional offices as well as those in Tallinn, Budapest, Cherkasy, Tokyo, Sydney and Tampa, the company said.

Transferwise co-founder and CEO Kristo Käärmann said that Brussels is at the heart of all EU affairs, so establishing an office there would make great sense.

"The National Bank of Belgium (NBB) impressed us with its understanding of the payments sector and openness to innovation, while at the same time being a strong and trusted regulator," Mr Käärmann said, adding that the company is keen to build as productive of a relationship with the NBB as it already has with the UK's Financial Conduct Authority (FCA).

"The Belgian e-money license ensures we can continue to provide a great service globally to our customers regardless of what happens with the Brexit deal," he added.

Co-founded by Estonians Taavet Hinrikus and Kristo Käärmann, Transferwise first launched in 2011, and achieved unicorn status in 2016. It is one of the world's most successful financial technology (fintech) startups, having raised $397 million from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Paypal's Max Levchin.

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Editor: Aili Vahtla

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