8 years ago

TransferWise Raises $280 Million to Fuel Asian Expansion

  • TransferWise, a European fintech unicorn, has raised $280 million in a Series E funding round led by Old Mutual Global Investors and IVP

  • The funding will be used to accelerate the company's expansion into Asian markets, particularly India

  • The round also saw participation from new investors Sapphire Ventures, Mitsui & Co., and World Innovation Lab, as well as previous backers Andreessen Horowitz, Baillie Gifford, and Richard Branson

  • TransferWise, which was founded in 2011 and is headquartered in London, allows people to transfer money abroad at a lower cost than traditional banks

  • The company has two million users every month and became profitable in 2016

  • The latest funding round values TransferWise at more than $1.5 billion.

      • ProblemFinancial Services

      "High fees and poor exchange rates for international money transfers"

      Solution

      "A borderless account that offers low cost and transparent international money transfers"

      Covered on