TransferWise is an international money transfer service that allows users to transfer money between countries for lower fees than traditional banks. It has grown rapidly since launching in 2011, now processing over $1 billion per month and reaching over 1 million users. While initially costing more than banks, TransferWise now offers transfers for just 0.7% in fees, which is significantly lower and more transparent than traditional bank rates of around 3-5%. After raising over $500 million from investors, TransferWise became profitable in 2017 and continues to aggressively expand its services globally.