TransferWise Closes $280 Million

November 3, 2017

5:30 pm

Credit: transferwise.com

TransferWise announced it has secured $280 million in financing, led by IVP and Old Mutual Global Investors. Sapphire Ventures, Andreessen Horowitz, and Baillie Gifford also participated in the offering.

TransferWise is a money transfer service allowing private individuals and businesses to send money abroad without hidden charges. The firm’s pricing and operating model is a departure from standard practice in the money transfer sector, providing customers with a lower-cost alternative to traditional means of moving money internationally.

TransferWise was founded in London in March, 2010, by Taavet Hinrikus and Kristo Kaarmann. Hinrikus was part of the team that started Skype in 2003 and has recently worked with a number of startups as an angel investor and advisor. Kaarman’s financial services background includes stints at Deloitte and PricewaterhouseCoopers.

In its announcement, the company said it is currently developing a borderless account, focusing on global expansion in the Asian-Pacific and Latin American regions, and is launching its service in India and Argentina.

TransferWise Closes $280 Million

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TransferWise Closes $280 Million

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