The international money transfer service TransferWise has attracted $292M in its second funding round. As a result, the company's value has jumped to $3.5B, tech magazine TechCrunch reported today.
The funding round has been led by Lead Edge Capital, Lone Pine Capital and Vitruvian Partners. Andreessen Horowitz and Baillie Gifford, who had already invested in the company in its previous funding round, have also expanded their stake.
TransferWise co-founder and chairman Taavet Hinrikus has said that the round was oversubscribed, which means that the $292M raised only represents the amount of liquidity that existing shareholders were willing to make available, and does not reflect the true interest of investors in the project.
However, the company does not plan to go public in the near future despite the great success of its funding round.
Why it is important
- TransferWise is a money transfer service that was launched in January 2011 by Taavet Hinrikus and Kristo Käärmann. Its headquarters are in London and it has offices in several cities, including Tallinn, New York and Singapore. TransferWise serves 5 million customers worldwide and processes £4 billion per month.
- The company employs 1,600 people in 12 offices around the world, and plans to hire 750 more employees over the next 12 months.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.