This company is a privacy nightmare asking people's selfie with a social security number or passport or national id card in it, the most creepy company ever encountered. So for saving $5-10 you hand them data which they use to make $20 and there is no recourse once opened account with them. Small remittance agents are far better.
Company is just riding on VC money otherwise nothing unique in its offering. This company being U.K. based think every country is U.K., where personal data privacy doesn't matter as they don't follow European personal data privacy laws.
On the contrary I've used multiple international money exchangers and Transferwise gives me my exchanged money the quickest and with the best rates by far.
In U.K. or Asia? You might have used others but transferwise is the most creepy for personal data privacy. It's not even low level PCI compliant.
First, every financial institution needs to follow Know Your Customer rules, which means they have to see ID. Secondly, I'm not sure where you got the idea that the UK doesn't follow European data protection rules. It does.