The Guardian released a memo by Santander which talks about the huge profits banks make on int’l money transfers. (see The Blurb)
They compare themselves to Transferwise and highlight the risk to their business that the emerging upstart presents to them.
Transferwise ($1.1B valuation) co-founder and CEO Taavet Hinrikus penned a post in response to this news and minced no words titling his post: “This shows just how much the banks are ripping off customers.”
It is well worth a read (also see The Blurb) but below is the highlight.
There has been a lot of chatter about fintech companies and banks cooperating or about co-opetition (really? this is a thing) with incumbents.
But there is none of that here.
Transferwise wants to rip the face off the banks in this line of business and it’s very refreshing to hear them be so candid.
We put together a market map of 72 India-based private fintech companies and organized them into three categories and nine subcategories based on each company’s primary product, line of business, and/or use case.
We also included 6 prominent corporate and government initiatives in the country that have been integral to building and supporting this emerging ecosystem.
New York-based global location data management provider Yext went public today raising $115.5M at a $940M valuation. We updated our look at top VC-backed exits in New York at the time of exit, led by the IPOs of Etsy and OnDeck Capital.
It certainly is starting to look like Indian e-commerce is where VC money goes to die.