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Technology Fintech: Transferwise is worth 5 billion after the latest round of financing

03:30  29 july  2020
03:30  29 july  2020 Source:   t3n.de

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Fintech start-up TransferWise is now valued at $ 5 billion following a secondary share sale, the company announced Wednesday, highlighting increased investor appetite for online payments amid the coronavirus pandemic. Founded in 2011, TransferWise has become a formidable competitor to the

TransferWise , the . 5 billion fintech firm backed by Peter Thiel, posts its third year of profit. TransferWise is backed by a number of high-profile investors, including British billionaire Richard Branson, Silicon Valley venture capital firm Andreessen Horowitz and Valar Ventures, the venture

Mit einem grenzüberschreitenden Konto sollen Kunden Auslandsgebühren bei Geldtransfers sparen. © Transferwise With a cross-border account, customers should save foreign fees on money transfers.

TransferWise announced today that it has completed a $ 319 million secondary financing round. This increases the valuation of the British fintech to around five billion dollars.

According to the company, existing and new investors have participated in the latest round of financing. The round was led by new investor D1 Capital Partners and old investor Lone Pine Capital. Existing investors Baillie Gifford, Fidelity Investments and LocalGlobe have also expanded their holdings. Vulcan Capital came on board as a new investor.

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Money transfer startup TransferWise has closed a 2 million secondary funding round which doubles its valuation to . 5 billion , the company said The latest round brings the total raised so far by TransferWise in both primary and secondary funding to 9 million from investors including Sir

Two years later , in May 2019, the company had the secondary investment round of 2M and May 2013, it was announced that TransferWise had secured a million investment round led by Peter Thiel's "London's Billion Finance Startup TransferWise Is Just Like An Ancient Islamic Money

Transferwise works profitably

Since TransferWise works profitably and generates profits, the company is not interested in raising additional primary capital, says Kristo Käärmann, CEO and co-founder. Rather, in the current financing round, shareholders and employees were able to sell part of their holdings to new and existing investors. As in the past, investors are said to have used the Transferwise business customer product to transmit the total of $ 319 million.

Transferwise promises customers that they always receive the real exchange rate when transferring money abroad. Since its inception, the company has been committed to ensuring that fees are no longer hidden in a surcharge on the exchange rate. With its business model, the company has set itself the goal of moving money worldwide as quickly and easily as possible.

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FinTech , the abbreviation for financial technology, is a broad category that refers to the innovative use of technology in the design and delivery of financial services and Read TransferWise 's Future of Finance report for more. TransferWise is the smart, new way to send money abroad. Find out more.

The TransferWise multi-currency account. Keep track of your transfers on the go with the TransferWise mobile app. We’re on a mission to bring transparency to finance . We charge as little as possible, and we always Trusted all over the world. We move over $ 5 billion every month, and

Offer portfolio and customer base grow steadily

While the company initially only offered money transfers, the range of offers has been expanded in recent years: With the multi-currency account, it offers an alternative to international banking and is aimed primarily at expats, freelancers and travelers. The rapidly growing company now employs over 2,500 people at 14 locations.

Since the outbreak of the corona pandemic, TransferWise claims to have increased its customer base to eight million users. The total volume of transfers is also growing. Transferwise users send around $ 5.2 billion in cross-border traffic every month, according to company information. They are expected to save around $ 1.3 billion in fees each year.

More and more banks integrate Transferwise

More than 20 percent of all transfers made with Transferwise take place in real time and reached the recipient in less than 20 seconds, according to the provider. Transferwise customers can currently send money in 54 currencies on around 2,500 currency routes.

A total of ten banks, including Neobanks N26, Monzo and Bunq, offer their customers the TransferWise service. The Swiss account app Neon was added last month.

Appropriate: Transferwise: $ 292 million raised from investors

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