TransferFast, which offers instant money transfers between different banks, is looking for additional funding to finance its expansion to large European markets, which is scheduled for next year.
The company said it was growing each month 25 percent in Estonia and plans to expand to markets like Germany, UK and Scandinavia next year.
Their offer to consumers is simple – today it takes many hours or even days to transfer money from an account in one bank to another bank, TransferFast promises to do it minutes. So in those rare occasions when it’s crucial for you to move the money really fast you might be willing to pay an extra fee for that to the startup.
TransferFast uses logic similar to TransferWise – the money transferred never moves between the banks. Clients move money to the TransferFast account in the same banking group they are and TransferFast pays money out in another after the first transfer is made.
The company launched the service in October 2015 and said already in January it had validated the need for it, and it was planning to expand abroad already this year.
Co-founder Erki Hendrikson said there was no delay to plans. “We will launch on some markets in 2016, and on some early 2017,” he said.