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Estonian FinTech unicorn TransferWise is now valued at $5B

A sharp rise in the value of TransferWise over the past year shows that Estonian innovative mindset and tech businesses have a role to play in future economy. Estonia, the land of tech unicorns, has the most tech unicorns per capita, and more than 1,000 innovative startups ready to follow the example of TransferWise.

TransferWise, the Estonian-founded online money transfer company, is now valued at $5 billion after early investors and employees have sold $ 319 million worth of shares. The company’s valuation has increased 43% since May 2019.

The investing round was led by the investor D1 Capital Partners and the current shareholder Lone Pipe Capital.

“TransferWise has built an exceptional platform within the cross-border payments ecosystem by maintaining an unwavering focus on its customers and constantly innovating,” said Teddy Gleser, the Investment Partner at D1 Capital Partners.

Gleser added, that they have been impressed by the extensibility of TransferWise’s platform, which includes individuals, businesses and financial institutions among its customers.

The shareholders Baillie Gifford, Fidelity Investments and LocalGlobe also expanded their holdings.

“TransferWise is a fast growing, profitable business, guided by a mission to build the best way to move money in the world,” noted Kristo Käärmann, the CEO and co-founder of TransferWise.

During the Covid-19 pandemic TransferWise has seen an uplift in new customers seeking digital alternatives and the company’s overall transfer volumes continuing to grow.

Over 8 million people use TransferWise, which processes over £4 billion in cross-border payments every month, saving customers over £1 billion in bank fees a year.

TransferWise was founded by Estonians Kristo Käärmann and Taavet Hinrikus in January 2011 and it has become one of the four Estonian unicorns. The other three Estonian-born unicorns, valued over $1 billion, are Skype, Playtech and Bolt. And there are more than 1,000 other innovative startups in the Estonian Startup Database ready to conquer the world.

Need a guidance on which future unicorn to invest in? Estonian Investment Agency is here to help you. Send us a request for e-consulting, be assigned a personal adviser and get going!

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