TransferWise has been considered as the most valuable financial technology start-up company in Europe. As of writing, the firm is valued at $3.5 billion.
The recent round of investment was brought in by Lead Edge, Lone Pine, and Vitruvian Partners, raising $292 million. Other renowned entities who invested with the business include PayPal co-founder Max Levchin, Sir Richard Branson, and Valar Ventures.
Pymnts reports that TransferWise has raised a total of $689 million in venture funding. With the business doubling its valuation within a short span, Financial Times states that it is confident that it would not have to go public anytime soon.
Founded in 2011 by Taavet Hinrikus and Kristo Kaarmann, TransferWise has decided to take on the rising costs of money transfers between Estonia and London, rivalling industry giants such as MoneyGram and Western Union.
According to CNBC, the company seeks to lower industry fees. Through the TransferWise platform introduced to the public, the financial technology firm reportedly allows its users to send and move money worldwide and track money transfers.
To date, Reuters notes that the fintech start-up serves 5 million customers around the world, processing an average of 4 billion pounds per month.
CNBC reports that while the company isn’t looking to add further investments to its balance sheets, it will open its doors for interested employees and investors looking to get shares from their business.
The shares garnered from investors will be aimed towards expanding the company. As of writing, Reuters notes that 1,600 people are employed by the fintech start-up over its 12 global offices. By 2020, TransferWise expects to hire 750 more employees.
Financial Times states that the sale of the company shares shows Hinrikus that “we’re on the right track and gives us more freedom to really double down and continue building the business.”