NatWest and JP Morgan fuel TransferWise’s £65m funding
Plucky paytech TransferWise has completed a £65 million syndicated debt facility with NatWest, JP Morgan and LHV Bank as it seeks out international expansion.
Launched in 2011, the London-headquartered firm says it now has over four million customers and moves £3 billion of money on behalf of customers each month.
While it’s got momentum, it needs money to survive.
Matt Briers, chief financial officer at TransferWise, says this revolving loan provides “cost effective working capital”.
I’m sure it does. Anyway, the firm is doing pretty well.
A few days ago, TransferWise got Dutch challenger bank bunq in the trunk. The latter is integrating with TransferWise’s API to enable its customers to send money in up to 15 different currencies directly from the bunq app.
Back in June, Monzo partnered with TransferWise to offer international transfers from the bank’s app.
While in April, TransferWise became the first non-bank payment service provider (PSP) to directly access the UK’s Faster Payments system.