TransferFast Offers instant money transfers between banks across Europe Country: Estonia | City: Tallina | Employees: 3 Year Started: March 2015 | Sector: Finance Product stage: Users | Website: transferfast.eu Team Product Team Founders: What is it? We take advantage of the fact, that inside the bank Sergo Ulpus, CEO money usually moves close to real-time (average 3-5 Previously business developer at NASDAQ Baltics, minutes). We have cash reserves in all the target banks. HansaNer, MA in Corporate Governance When the customer transfers funds to us (credit Erki Hendrikson, CBDO transfer, credit cards, bank-links etc) we can make an HansaNet, Tehnopol, EAS mentor, EstBAN, MBA in internal transfer in recipients bank and achieve our Entrepreneurship & Tech management goal of getting the money to recipient's bank account Jaak Sarv, CTO almost instantly. Playtech, Skype, Regio, Microlink, SpeedPOS, MSc in Software Engineering Revenue model: Direct Sales Employees, Advisors & Investors: Scalability: Previous funding: 250,000 EUR Indrek Jaaska, Advisor Average monthly revenues: 400 EUR Argo Virkebau, Investor Planned fundraising: 500,000 EUR Market What is the need or problem being satisfied? In SEPA (Single Euro Payment Area) framework money transfers must reach recipients account by the next banking day. This is too slow for modern times. Individuals and businesses need their money faster, they expect to receive the funds in real time. Competitive Advantage: We have a direct relationship with customers. We focus on single narrow banking services and doing it cross- border and most effectively. Well-functioning and experienced team - great combination for FinTech company. First mover advantage Market Size: Fast payments market size in Europe (EUR currency) is €1 trillion* of value. Our transfer amount for 2020 will be €300M (0,03% market size). This is calculated only based on existing Target-2 system which is mainly used for central-bank money settlement and does not take into account potential from all the current SEPA framework users.