Estonian money transfer company Transferwise has closed a secondary funding round of $292 million, or €261.1 million.
Investors used the Transferwise for Business platform while settling the financing. Transferwise is now valued at $3.5 billion; the latest round brings the total raised so far by the company in both primary and secondary funding to $689 million, the company said.
The round was led by growth capital investors Lead Edge Capital, Lone Pine Capital and Vitruvian Partners along with funds managed by BlackRock Inc and existing investors Baillie Gifford and Andreessen Horowitz.
„We don't need to raise funds to continue on this trajectory, but we’re humbled by the persistent level of interest in joining our mission,” Kristo Käärmann, CEO and co-founder of Transferwise, said. „The round provides a way for these investors to buy in, alongside rewarding some of the earliest contributors who’ve been with us since the beginning,” he said.
Founded by Estonian duo Taavet Hinrikus and Kristo Käärmann in 2011, Transferwise is a financial technology firm offering customers a low-cost way to transfer money abroad. Transferwise has over 5 million customers and transfers more than 4 billion British pounds a month, according to the company. The latest round of investment has made Transferwise Europe’s most valuable fintech startup.