International 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. Founded out of London in 2010, TransferWise offers a peer-to-peer (P2P) international […]
International 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.
Founded out of London in 2010, TransferWise offers a peer-to-peer (P2P) international money transfer service that bypasses banks to keep costs down.
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Before now, TransferWise had raised around $120 million funding, and with its latest cash injection it plans to develop new products and focus on expansion across Asia-Pacific, including India, while also expanding its recently announced “borderless bank account” that lets businesses store money in different currencies. The company is also planning a consumer-focused borderless account and card for Europe in 2018.
“We have a mission to bring TransferWise to everyone in the world who needs it,” noted TransferWise cofounder and chairman Taavet Hinrikus. “Today customers send well over one billion pounds ($1.3 billion) using our platform each month for every conceivable reason – whether to help out relatives back home, pay bills overseas or expand their own business into new territories. But one billion pounds is just a slice of the market, which means millions of people are still being ripped off by banks and traditional currency brokers every day.”
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