TransferWise, a London, UK-based international money transfer company, raised $280m in Series E funding.
The round, which includes secondary investments, was led by Old Mutual Global Investors and IVP with participation from Sapphire Ventures, Mitsui & Co, Ltd, and World Innovation Lab as well as existing investors Richard Branson, Andreessen Horowitz, and Baillie Gifford.
The company, which has raised $397m in total funding, intends to use the funds to continue to expand globally, with a particular focus on Asia-Pacific and Latin American regions, including launching its service in India and Argentina.
Co-founded in 2011 by Taavet Hinrikus and Kristo Kaarmann, TransferWise is a fintech company providing an international money transfer and recently launched a Borderless account for businesses and freelancers across the US and Europe to hold money in up to 27 currencies. A consumer Borderless account and card is planned for launch in 2018.
The company, which now serves over 2 million customers and offers 750 currency routes, with further expansion into Asia planned for the next 12 months, including services from India and to Nepal. It already has hundreds of thousands of customers in APAC, having announced a regional hub office in Singapore this year, with satellite offices in Tokyo and Sydney.
TransferWise has been profitable since early 2017.