TransferWise Raises $280m in Series E Funding

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.



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