Money transfer platform TransferWise has closed a $280m investment round led by Old Mutual Global Investors and IVP.
Old Mutual Global Investors contribution is the firms second ever investment in to a private company, with its first being into The Hut Group.
The investment included several new backers to the company including Sapphire Ventures, Mitsui & Co, and World Innovation Lab. Other commitments came from existing relations including Richard Branson, Andreessen Horowitz and Baillie Gifford.
TransferWise allows users to send money to any bank account around the world, with access to real-time exchange rates. The platform is serves 2 million customers, helping to move more than £1bn customers each month.
The company is currently developing a borderless account and focus on global expansion, with a focus on APAC. The borderless account will allow small businesses across the US and Europe to hold money in 28 currencies and access to local bank accounts. There are plans for a consumer borderless account and card for the UK and Europe to be launched next year.
OMGI fund manager Richard Watts said, “TransferWise, with its innovative product and customer-centric service, offers people a cheaper way to send money and is rapidly gaining market share from the traditional money transfer providers. The opportunity to invest now in a private company, with a hugely exciting global growth story, is particularly compelling and we believe this holding will benefit investors in the funds we manage.”
This new line of equity brings total capital raised by TransferWise to $397m, with the company having closed a $26m Series D round last year.
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