Transferwise' latest investment round will help it continue to disrupt the money transfer business and expand to additional countries. The company has already been growing at a rapid pace. It says that some £3 billion ($4.5 billion) has been transferred on its platform, with cost savings of more than £135 million compared to traditional bank transfers.
TransferWise, the fast-growing UK-based P2P money transfer startup that has reportedly been in talks with Facebook for remittance services, has raised a large tranche of funding led by one of the social network’s earliest backers. Andreessen Horowitz is heading up a new investment of $58 million, a Series C round with participation also from previous backers Sir Richard Branson, Peter Thiel’s Valar Ventures, Index Ventures, IA Ventures, and Seedcamp. Founded in 2011 and built by ex-Skype and PayPal engineers with the aim of making it easier (read: cheaper) to transfer pounds to euros, TransferWise says that it will be using the funds to fuel its global expansion.
