Bitcoin Remittance Startup TransferB Wins Deloitte Ireland Tech Competition

Bitcoin Remittance Startup TransferB refently won the 2015 Deloitte Top Technology Talent Competition, an annual competition ran by the Ireland division of Deloitte. The winning startup will now receive mentorship and training from the large international business firm.

The startup, which uses bitcoin’s payment network to send cheaper and faster payments around the world, was founded by two university students, Claire Kelleher and Peter Nagle. According to a Deloitte press release, the startup grew out of the founders’ combined interests in blockchain technology and lessening the fees charged in international transfers.

Technology partner at Deloitte and judging panel member, Harry Goddard, said, “The finalists’ ideas in this year’s competition superseded the judge’s expectations and were testament to the quality of technology talent we have in our Irish universities. Ultimately, the judging panel members felt that Claire and Peter’s technology could deliver demonstrable value and efficiencies to customers who were transferring funds internationally. In addition to having a revolutionary idea, we were very impressed with the validity of the business plan and sophistication of their implementation strategy”

$35b in yearly remittance fees

The young startup has its eyes on the $35b that is taken in remittance fees every year. TransferB hopes to lessen that by using Bitcoin’s cheap and global payment network, and partnering with strategic companies. The company hopes to offer a flat 2 percent fee and complete transfers within 24 hours.

Though the competition is meant for fresh ideas TransferB has already run several beta tests, which were successful according to the founders. The company is supposedly already in talks with large bitcoin companies that will act as partners and convert bitcoin to local currencies.

Kelleher commented on the win, “I am thrilled myself and Peter won the Top Technology Talent Competition! All ideas that were presented throughout the competition were amazing. It has been an invaluable experience and will definitely stand to us.” Nagle added, “The competition has benefited us immensely by allowing us to gain first-hand experience of life at Deloitte, while also allowing us to examine the impact that technology can have on society and businesses, through the development of our business idea.”

The competition calls upon students of Irish universities to pitch their best business ideas and solutions to Deloitte. After semi-finalists are chosen, they then pitch their idea in front of a panel of industry experts.

The winners of the competition win a free trip to Denver, Colorado, where they will partake in an internship at Deloitte’s North America headquarters. The winning team also potentially receives access to Deloitte’s network of mentors and partners.