FinTech: Britain’s TransferWise now valued at $ 5 billion

by bold-lichterman

The British FinTech TransferWise, specializing in money transfers, announced Wednesday that it is now valued at $ 5 billion, thanks to a new sale of shares to investors. The valuation jumped 43% from the $ 3.5 billion reached in a similar operation in May 2019, according to a statement. The group announced that it had managed to reach this valuation of 5 billion through a sale of existing shares to investors for 319 million dollars.

We have been funded solely by our clients for the past few years and we have not needed to raise external funds for the business ”, emphasizes Kristo Kristo Käärman, CEO and co-founder. “This secondary fundraiser provides the opportunity for new investors to join us, in addition to rewarding the investors and employees who have helped us succeed so far”, according to him.

The company, created in 2011, says it has gained new customers during the pandemic, with an increase in the volume of transactions, explaining that individuals and professionals have sought alternatives to transfer money during this period. Unlike many FinTechs that struggle to make money, TransferWise has been profitable since 2017. The company has 8 million customers worldwide and records £ 4 billion in transactions every month. It employs 2,200 people in 14 offices.