TransferWise to float stake for fundraising
TransferWise, the money transfer firm, is seeking to sell a stake in itself in a new fundraising round.
As reported by Reuters, the paytech company, which includes Richard Branson and PayPal founders Peter Thiel and Max Levchin amongst its investors, is seeking to raise up to $300 million. This would value TransferWise at around $4 billion.
The latest fundraising round is being organised by investment bank Goldman Sachs, said the sources, who remain unrevealed.
A spokesman for Goldman did not respond to a request for comment.
TransferWise was founded by Taavet Hinrikus and Kristo Kaarmann in 2011, and it currently has over four million customers and transfers more than $4 billion a month.
In January, the company said it was opening an office in Brussels, Belgium to avoid any potential impact on its business from Brexit.
TransferWise’s last funding came in the form of a £65 million debt facility with NatWest, JP Morgan and LHV Bank as the firm seeks out international expansion.
Back in November, 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.
The company reported profits of £9.5 million in the year ending in March 2018, on £117 million in revenue.