TransferWise has announced two major initiatives to support Britain鈥檚 youngest entrepreneurs and inspire them to do business internationally.
The聽FinTech company is making up to 拢70 million of fee-free聽international money transfers available to UK founders aged between 16 and 19 years old.
It has also brought together a star panel of leading entrepreneurs,聽investors and advisors to select 20 of the UK鈥檚 most promising young entrepreneurs who will receive additional support.
Entrepreneurs including Deliveroo CEO and co-founder Will Shu and Secret Escapes co-founder and COO Tom Valentine join renowned investor and entrepreneur Robin Klein and others to select the cohort of youngsters.
Winners will receive 拢1 million of fee-free international payments for their business through TransferWise鈥檚 borderless account.
In addition, the 20 young entrepreneurs will get mentorship opportunities with the judges and a chance to pitch to TransferWise chairman and co-founder Taavet Hinrikus for 拢10,000 of no-strings attached investment, during a special trip to Estonia 鈥� one of the world鈥檚 most successful start-up nations and home to TransferWise鈥檚 largest office.
Hinrikus will lead the panel of judges selecting the 20 Under 20.
鈥淭oday鈥檚 young Brits have an incredible opportunity to start businesses and help drive the UK鈥檚 presence on a global stage,鈥� he said.
鈥淓ntrepreneurialism, challenging the status quo and thinking internationally are all at the heart of TransferWise鈥檚 purpose.
鈥淵oung, business-minded Brits have always been part of our customer base, but with this initiative we want to do even more to help them take their businesses out to the rest of the world.
鈥淭he younger you are the less likely you are to have a ready-made network to support that journey.
鈥淲e鈥檙e starting with the youngest, providing world class mentoring support which can then be spread onwards through their networks over a lifetime.鈥�
Will Shu, CEO and founder of Deliveroo, said: 鈥淭urning a great idea into a successful business can be one of the toughest, yet most rewarding things a person can do.
鈥淚t鈥檚 not always easy or obvious how to take the next step, even when growing a company of one to a company of twenty, but the lessons you learn are invaluable.
鈥淚鈥檝e been so lucky with the support and advice we have had as we have made Deliveroo what it is today and I want to help others do the same.
鈥淚鈥檓 delighted to work with TransferWise to help find the next 20 Under 20 who can do big things to shape the future.鈥�
The 20 Under 20 will include entrepreneurs currently doing business across borders and those who are aspiring to go international.
Young entrepreneurs can put themselves forward for the 20 Under 20 by filming a 90-second 鈥榚levator pitch鈥� about themselves, their business and why they should be chosen.
Videos can be shared on Twitter or Instagram, using the hashtag #TeenWiser or submitted on email to teenwiser@transferwise.com.
All qualifying young entrepreneurs can take advantage of the fee-free offer through TransferWise鈥檚 website.