Remittance start up Transferwise just raised more capital...

Remittance start up Transferwise just raised more capital valuing it at US$1.1B

http://www.*.com.au/transferwise-ra...ford-at-11-billion-valuation-2016-5?r=UK&IR=T

The article says they are remitting 500M pounds per month, I think their average fee is about 1% but they target bigger amounts (flat $3 fee up to $300) and only in certain channels (they have an interesting model of how they work, they net transfers between countries to avoid having to exchange actual currencies, works well when two way currency exchanges are closer, so between big countries, not so well when it is skewed). Not reall a competitor to us, but interesting to see how they are valued.

So gross rev of about US$7.35M per month less costs etc. Implies a gross P/E of about 150! But obviously costs are more than revenue at the moment as they are raising capital so net P/E negative.