TransferWise pitching process faces criticism for ‘devaluing industry’

An online money transfer start-up has been criticised by the PR industry for a recent ideas pitch that has been described as "devaluing" the services offered by agencies.

The company TransferWise recently launched a 3,000 pound search for a creative idea for an upcoming stunt in London, which it then plans to hand over to another agency to implement, reports PRWeek.

Tin Man Communications managing director Mandy Sharp condemned the move, saying that asking one agency to come up with an individual idea before passing it on to another for execution is "disrespectful" to both firms.

However, a spokeswoman for TransferWise said no offence was intended by its approach, explaining: "We were looking to take a new approach and reach out to a large pool of people, from one-man bands to creative agencies, with a view to cutting out the large pitch processes."

Founded by former PwC and Deloitte staff member Kristo Kaarmann and ex-Skype employee Taavet Hinrikus, TransferWise has seen considerable success since 2011, receiving financial backing from Sir Richard Branson.