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:
.@taavet, Co-founder of @TransferWise, explains: “There is something in the soil in #Estonia, which makes the Estonian people much more capable to make something great!”
Wish to invest in Estonia? Start here: https://t.co/9F7oztnQcX @Latitude59 pic.twitter.com/iIYMTkqwjJ
— Invest in Estonia (@EstoniaInvest) May 16, 2019
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