TransferWise secures £211m investment

TransferWise secures £211m investment

The firm, which is one of London’s largest fintech start-ups, will use the money to launch new products and expand overseas.

TransferWise, the international money transfer platform, has raised £211m after closing its latest funding round.

The company, which has been profitable since early 2017, is currently developing its Borderless account and focusing on global expansion, particularly APAC. This includes future plans to launch a service in India.

The round was led by asset management giant Old Mutual Global Investors (OMGI) which invested via funds managed by its small and mid-cap UK equities desk, and IVP, a Silicon Valley venture capital firm.

Silicon Valley’s Sapphire Ventures, Japanese company Mitsui & Co, and US-Japan venture firm World Innovation Lab also joined as new investors.

The round was supported by existing investors Richard Branson, Andreessen Horowitz and Baillie Gifford who all reinvested. To date the company has raised £300m.

Taavet Hinrikus, co-founder and chairman of TransferWise, said: “We have a mission to bring TransferWise to everyone in the world who needs it.

“Today customers send well over a billion pounds using our platform each month for every conceivable reason – whether to help out relatives back home, pay bills overseas or expand their own business into new territories.

“But £1bn is just a slice of the market, which means millions of people are still being ripped off by banks and traditional currency brokers every day.

“It’s great to have the support of Old Mutual Global Investors and IVP in bringing fair and transparent financial services to more people through our Borderless account.”

Jules Maltz, a general partner at IVP, added: “TransferWise is one of the most exciting tech companies in the world and we’ve been watching them from afar for years.

“We’re thrilled to be part of their mission to give everyone a fair deal managing their money across borders. It’s rare for us to make an investment in a European company but this opportunity was too good to miss.”

TransferWise now serves over 2 million customers and offers 750 currency routes. In October the company launched its borderless account in Australia, with further expansion across APAC planned.

Today TransferWise moves £1bn for its customers every month, saving them £1.5m a day, compared to if they had used their bank for the same transaction.