Peer-to-peer currency exchange service TransferWise has announced it has processed $1 million worth of transactions in the three months since its launch.
The company has already broken out of the UK market where it is based and is doing business across the eurozone.
Along with its promising financials, TransferWise seems to have struck a chord with its users, with 70% of sales made by repeat customers. It also plans to extend its service to business customers as well as consumers.
Currently, TransferWise is able to exchange between pounds sterling and euro but it has plans to expand, making it a potential major competitor for the banks and travel agents who traditionally control the currency exchange market.