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Tag: TransferWise

Fintech unicorn TransferWise sees valuation climb to $5 billion

Finance
In this photo illustration, the TransferWise app is seen displayed on an Android smartphone with a vintage turntable in the background.Guillaume Payen | SOPA Images | LightRocket | Getty ImagesFintech start-up TransferWise is now valued at $ 5 billion following a secondary share sale, the company announced Wednesday, highlighting increased investor appetite for online payments amid the coronavirus pandemic.Founded in 2011, TransferWise has become a formidable competitor to the likes of Western Union and MoneyGram by lowering fees and adding a slick online platform to help consumers move money across borders. It now has a total of 8 million customers globally and processes £4 billion ($ 5.2 billion) in cross-border payments each month.The London-headquartered money transfer firm hasn't ad...
TransferWise plots share sale at £3bn valuation

TransferWise plots share sale at £3bn valuation

Business
By Mark Kleinman, City editor Digital payments group TransferWise is poised to cement its status as one of Britain's most prized technology companies by orchestrating a share sale valuing it at about $ 4bn (£3.1bn).Sky News has learnt that TransferWise has appointed Goldman Sachs to advise on the sale of approximately $ 200m (£153m) of shares by existing investors. The deal, if completed, will underline the company's reputation among the UK's tech start-ups, with a stock market flotation now likely to be on the medium-term agenda.Sources close to the situation said the secondary share sale was at an early stage, with an announcement unlikely for some time.TransferWise's putative $ 4bn valuation would be more than twice the level at which it las...
Twitter backer IVP in talks with TransferWise

Twitter backer IVP in talks with TransferWise

Business
One of Silicon Valley's top investment firms is in talks to buy a stake in TransferWise, the digital payments app, cementing its status as one of Britain's most promising technology start-ups.Sky News has learnt that IVP, whose roll-call of deals includes Snapchat parent Snap, Twitter and Netflix, is close to a deal to invest tens of millions of pounds in TransferWise.An agreement is said by sources close to the talks to be imminent, and will form part of a fundraising by the UK-based payments platform that was revealed by Sky News a month ago.The exact sum being raised by TransferWise was unclear this weekend, although one insider said it was likely to be in the region of $ 60m, a smaller sum than had been expected several weeks ago.TransferWise is said to have held talks with a number of...
TransferWise eyes £1bn value as float looms

TransferWise eyes £1bn value as float looms

Business
The British payments start-up TransferWise has kicked off talks about a new fundraising that will see its valuation soar past £1bn for the first time.Sky News has learnt that TransferWise is in detailed talks with investors, including several prospective new backers, about a funding round that could double the $ 117m (£90m) it has already raised during its six-year history.‎Sources said this weekend that the payments company, which now sees more than £1bn transferred using its app each month, could finalise its new funding within a matter of weeks.TransferWise is understood to be targeting more than $ 100m (£77m) of new capital, with its valuation‎ including the additional funds reaching about $ 1.5bn (£1.15bn).If completed, it would represent a big vote of confidence in one of the UK's mo...
Brexit could hurt London's status as a fintech hub, TransferWise warns

Brexit could hurt London's status as a fintech hub, TransferWise warns

Finance
London's status as a global financial technology hub could be undermined if Brexit complicates the ability of companies to operate across Europe and access to talent becomes difficult, the co-founder of an international online money transfer platform warned Tuesday.Brexit talks kicked off last week between the U.K. and the European Union, following an election that saw Prime Minister Theresa May's Conservative Party lose parliamentary majority. Taavet Hinrikus, CEO of London-based unicorn TransferWise told CNBC on the sidelines of the World Economic Forum's annual June meeting in Dalian that a couple of factors in particular were important to financial technology companies such as his. "It's really two things which are important to TransferWise and all of the high-growing companies in tec...