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Estonian-founded TransferWise became Europe’s most valuable FinTech startup (+ exclusive video interview with co-founder Taavet Hinrikus)

BlackRock and other large investment funds have acquired a $292 million (€262 million) stake in TransferWise, the Estonian-founded money transfer service, making it Europe's most valuable FinTech startup.

TransferWise that Fortune.com calls “a star of the European startup scene”, is now valued at at $3.5 billion (€ 3.1 billion), which is double its last reported valuation. According to CNBC, TransferWise is now Europe’s most valuable FinTech start-up.

The share purchase was a so-called secondary sale, meaning it consisted entirely of investors purchasing shares form earlier investors. The latest investment round was led by Lead Edge Capital, Lone Pine Capital and Vitruvian Partners.

In lowering fees and adding a slick online platform to help consumers move money globally and track their transfers, the Estonian-born startup TransferWise is taking a modern approach to a staid business that’s been dominated by giants like Western Union and MoneyGram.

The company says it has been pushing for more transparency around the fees banks and currency exchange services charge their customers for transferring money abroad.

Watch an exclusive video interview with TransferWise’s co-founder Taavet Hinrikus from below:

More information on business opportunities in Estonia’s FinTech can be found here.

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