TransferWise, a London, UK-based peer-to-peer international money transfer startup, raised $6m in funding.
The round, which brings the total amount raised by the company to date to $7.35m, was led by Peter Thiel’s Valar Ventures, with participation from existing investors and SV Angel. They join Max Levchin, IA Ventures, Index Ventures, TAG (Robin Klein and Saul Klein), Seedcamp, David Yu, and Kima Ventures.
The company intends to use the funds to accelerate its expansion plans. add a dozen new currencies and launch the site in new markets including Germany, Spain, France, and Italy.
Launched in 2011 by Taavet Hinrikus and Kristo Kaarmann, TransferWise aims to allow users to transfer money at the lowest possible cost by leveraging peer-to-peer technology that promises to cut out traditional bank fees.
It supports currency transfers between Euro, British Pound, Polish Zloty, Danish, Swedish and Norwegian Krone. In addition, it transfers from the above currencies to US Dollars. Transfers from US Dollars to European currencies are coming soon.
The company is fully regulated by the FCA and HMRC.
18/04/2012: TransferWise Raises $1.3M in Funding