Europe's favourite fintech TransferWise raises monster $280m round

Europe's favourite fintech TransferWise raises monster $280m round”

Worldwide money transfer service TransferWise has raised $280 million in a round of funding led by asset management firm Old Mutual Global Investors (OMGI) and Silicon Valley's IVP, with participation from Sapphire Ventures, Mitsui & Co, World Innovation Lab, Richard Branson, Andreessen Horowitz, and Baillie Gifford.

A deal that was rumoured back in August, Sapphire Ventures, Japan's Mitsui & Co and World Innovation Lab also participated in the round - with existing investors Richard Branson, Andreessen Horowitz and Baillie re-investing.

Founded by Young Guns Taavet Hinrikus and Kristo Käärmann, TransferWise llows consumers to send money between United Kingdom and European accounts for a fraction of the price banks charge, by using a peer-to-peer crowdsourced model to get the best rate on the exchange.

Transferwise was established by Taavet Hinrikus and Kristo Käärmann in 2011. The company is also planning a consumer-focused borderless account and card for Europe in 2018.

TransferWise moves $1bn in cash for customers every month, saving $1.5m a day compared with bank transaction.

Jules Maltz, general partner at IVP, said: "TransferWise is one of the most exciting tech companies in the world and we've been watching them from afar for years. It's rare for us to make an investment in a European company but this opportunity was too good to miss".

"Our team looks to invest in companies with the potential to significantly disrupt an industry", said Richard Watts, manager of United Kingdom mid cap fund at Old Mutual, which counts the investment as only its second in a private company.

Founded out of London in 2010, TransferWise offers a peer-to-peer (P2P) global money transfer service that bypasses banks to keep costs down.

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