One of the largest fintechs in Europe has boosted its valuation following a secondary funding round from investors including BlackRock.
“We will be further expanding in the US sooner rather than later,” CFO Matt Briers told Business Insider.
Now valued at $3.5 billion, the London-based fintech maintains its intention to one day go public.
While an IPO is on the cards, “private markets are both strong and liquid for companies like us,” he said.
Transferwise today announced it had secured secondary funding worth $292 million, making it the fifth most valuable unicorn on the continent.
CFO Matt Briers outlined his strategy in an interview just before the announcement. The company on Wednesday said American growth funds Lead Edge Capital, Lone Pine Capital and Vitruvian Partners led its fundraise while investors Baillie Gifford and Andreessen Horowitz boosted their holdings.
“We will be further expanding in the US sooner rather than later,” Briers said in the interview. The fintech, founded in 2011, is now valued at $3.5 billion. BlackRock managed funds also piled into the fundraising.
“Our borderless account has been popular in the UK and the opportunity for customers in the US to send and receive payments in different currencies with a debit card will be launching this year.”
Part of the expansion will include the hiring of some 750 staff in the next 12 months, adding to an existing 1600 global workforce. The company also plans to boost its presence in the Asia Pacific region.
The secondary funding is uncommon in Europe and these deals, where existing shareholders sell off their shares, are not generally publicized. Transferwise has now raised $689 million in primary and secondary funding.
It’s another important step for one of Europe’s hottest fintechs as the company bids to scale its payments business globally. The US already makes up a sizeable portion
Source:: Business Insider