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TransferWise raises $280m to fund Asia expansion

Fintech startup TransferWise raises $280m to fund Asia expansion.

One of Europe's largest financial tech startups, TransferWise Ltd., has raised $280 million for its ever-increasing expansion which will focus on extending its influence within the Asian markets. This current round of funding has increased the total amount raised to $397 million, with the company now valued at over $1.6 billion. 

Investors in this round included U.S. asset management company Old Mutual Global Investors and Silicon Valley venture capital firm IVP as well as Sapphire Ventures, Japan’s Mitsui & Co., and U.S.-Japan venture capital firm World Innovation Lab. 

TransferWise co-founder Taavet Hinrikus has said that they will use this cash injection to look at expanding into the Asia-Pacific region and that they hope to launch their full range of services in India within the next year. The service currently has two million users each month, with collective transfers of a billion dollars. 

“We ended up with so much demand that we gave early investors the chance to sell a small portion of their shares,” Hinrikus said recently about the service and stated that becoming a public company was very much in their sights for the future.