Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Fintech Star TransferWise Raises £213M Round



TransferWise has raised £213 million in a round led by Silicon Valley fund OMGI

UK Fintech star TransferWise has raised £213 million ($280 million) in a round led by Silicon Valley fund OMGI, which previously invested in Snapchat , Dropbox and Twitter. TransferWise’s previous investors Richard Branson,  Andreessen Horowitz and Baillie Gifford also backed the round.

Founded in 2010, the company allows users to transfer money abroad with lower fees. It now plans to expand its operations in the Asia-Pacific region, and to launch in India.  TransferWise currently  serves more than 2 million customers and offers  750 currency exchange routes.

The new round comes hot on the heels of a May 2016 £20 million ($26 million) funding round led by Baillie Gifford. The new tranche brings the company’s overall raised capital to £303 million ($397 million).

“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,”  TransferWise cofounder and chairman Taavet Hinrikus, commentedin a statement.

OMGI’s Richard Watts also commented on the round: “Our team looks to invest in companies with the potential to significantly disrupt an industry. TransferWise, with its innovative product and customer-centric service, offers people a cheaper way to send money and is rapidly gaining market share from the traditional money transfer providers,” he said.

“The opportunity to invest now in a private company, with a hugely exciting global growth story, is particularly compelling and we believe this holding will benefit investors in the funds we manage.”

Image via Transferwise/Facebook


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