Wednesday 26 June 2019

Transferwise value jumps following funding round

Kristo Käärmann co-founded Transferwise
Kristo Käärmann co-founded Transferwise
Ellie Donnelly

Ellie Donnelly

Fintech Transferwise has announced secondary funding of $292m (€262m), doubling current valuation to $3.5bn (€3.1bn).

The round was led by growth capital investors Lead Edge Capital, Lone Pine Capital and Vitruvian Partners.

Existing investors Andreessen Horowitz and Baillie Gifford expanded their holdings in the company.

The group, which was started by two friends who were trying to cut cross-border currency costs, has raised $689m in primary and secondary funding to-date.

The UK-based tech startup launched in January 2011 with an aim to make international transfers cheaper, faster and more convenient.

Since then it has grown to serve five million customers worldwide, processing around £4bn of transactions every month.

Kristo Käärmann, CEO and co-founder, TransferWise said: “TransferWise is experiencing phenomenal growth and this investment is testament to that.”

“We don’t need to raise funds to continue on this trajectory, but we’re humbled by the persistent level of interest in joining our mission. The round provides a way for these investors to buy in, alongside rewarding some of the earliest contributors who’ve been with us since the beginning.”

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