According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks havoc across the globe; traditional money transfer companies Western Union and MoneyGram International have seen a sharp drop in transactions, though things have picked up they are not anywhere near pre-crisis levels; even the startups disrupting the space are feeling the pain, TransferWise is set to complete their second secondary share sale in the last couple of years; the company is in talks to sell shares owned by early investors and staff at a $5bn valuation, the last sale was valued at $3.5bn just 14 months ago; TransferWise has moved beyond just money transfers and added additional products to diversify their business, pointing to the fact that money transfers are in trouble with the continued uncertainty. Financial Times.