TransferWise, a UK-based money transfer service, as per recent reports, has just closed a secondary-funding round, raising $292 million in investment funding. With this recent funding, the company has doubled its valuation at $3.5 billion.
According to reports, the secondary funding was led by three investors, the NY-based Lead Edge Capital, the Connecticut-based Lone Pine Capital, and the UK-based Vitruvian Partners; and was participated by BlackRock and TransferWise’ existing investors Andressen Horowitz and Baillie Gifford.
Sir Richard Branson backed TransferWise, founded in 2011, has since attracted over five million customers, all thanks to the firm’s brilliant strategy of providing cheaper exchange rates by employing two local transfers for each transaction, rather than utilizing the more expensive single international payments strategy.
TransferWise plans on utilizing this recent funding to hire new professionals, a total of 750 professionals are to be hired by the firm over the duration of the next year.
“TransferWise is experiencing phenomenal growth and this investment is a testament to that,” states Kristo Käärman, CEO & Co-Founder. “We don’t need to raise funds on this trajectory, but we’re humbled by the persistent level of interest.”
TransferWise, in total, handles $5.1 billion in transaction volumes, on a monthly basis, across its 12 global offices.