UK fintech player gets $280m for Asia push
UK-based fintech company TransferWise has raised a $280 million round led by IVP and Old Mutual Global Investors as part of an expansion in Asia Pacific and Latin America.
Sapphire Ventures also joined the round alongside existing backers Richard Branson, Baillie Gifford and Andreessen Horowitz. Previous investors include Index Ventures, IA Ventures, Seedcamp and Valar Ventures, a US-based firm associated with PayPal co-founder Peter Thiel. The company has raised $397 million to date.
The investment will support TransferWise’s international money sending service known as Borderless, which allows businesses to hold money in up to 27 currencies with access to local bank account details. A consumer version of the service is planned for launch next year.
The company claims to have more than two million customers and offer 750 currency routes, including a substantial footprint in Asia Pacific managed from new regions hubs in Singapore, Tokyo and Sydney. Asian expansion efforts across the next 12 months are expected to target India and Nepal in particular.
“TransferWise is one of the most exciting tech companies in the world and we’ve been watching them from afar for years,” Jules Maltz, general partner at IVP, said in a statement. “We’re thrilled to be part of their mission to give everyone a fair deal managing their money across borders. It’s rare for us to make an investment in a European company but this opportunity was too good to miss.”
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