London’s Fintech Rises: TransferWise Lands a Big $58 M Boost
London’s fintech skyline just got a shiny new feather in its hat. It’s not a feather—just a fresh $58 million infusion that has TransferWise (the name you might call its old version, Wise) looking more ambitious than ever.
Who’s Investing In the Money‑Mover?
The round attracted a stellar cast:
- Andreessen Horowitz – the venture firm that once bought early Facebook.
- Sir Richard Branson – the Virgin boss who likes to bet on bold moves.
- Peter Thiel – the PlayPal founder who loves the next frontier.
- Index Ventures, IA Ventures, and Seedcamp – the other tech powerhouses.
With this cash, TransferWise’s valuation now sits around a cool $1 billion.
Why London Feels the Love
Just last week, another London sweetheart, the music‑search app Shazam, also hit the $1 billion mark. The city’s bustling blend of finance giants and fresh tech talent keeps pulling in the big wins.
What the Money Will Do
TransferWise is on a mission:
- Opening a new U.S. office next month – because why limit yourself to the city that made it?
- Launching future sites in Germany and Australia – expanding the global footprint.
- Adding 300 new currencies to its platform – that’s more than double the 292 currencies it currently supports.
With $58 million on hand, the company is gearing up for faster growth, more services, and a broader reach.
Bottom Line
London’s fintech scene keeps proving that when financial expertise meets tech innovation, the result is a winning combination. TransferWise’s recent flip‑on shows that the city remains a prime spot for next‑gen finance companies looking to scale fast, and that the world is watching – and investing.
TransferWise: your need-to-know
From Pockets to Paychecks: The Birth of TransferWise
Back in 2010, a pair of Brits—Kristo Käärmann and Taavet Hinrikus—decided that the world of cross‑border money could use a makeover. They launched TransferWise out of London’s old‑school Old Street, turning a tiny startup into a capital‑raising sensation.
The Dream Team Behind the Currency
- Kristo Käärmann – Former accountant turned system wizard at PwC and Deloitte. He’d seen how banks worm out fees.
- Taavet Hinrikus – The first person to join Skype’s payroll squad. He’s now a serial angel investor, sprinkling his wisdom across startups.
Investor‑heavyweights have lined up behind the fledgling firm. Institutional giants like IA Ventures, Index Ventures, Valar Ventures, Virgin, Kima Ventures and Seedcamp dropped in. Private gurus also showed up: PayPal founder Peter Thiel, early Facebook investor team Andreessen Horowitz, and even Sir Richard Branson.
What TransferWise Actually Does
Let’s cut through the jargon: moving money worldwide isn’t as smooth as it seems. Banks often hide a 5% fee, proclaiming “free transfers” or “0% commission.” It’s a circus of mis‑led words.
TransferWise flips the script. Instead of stirring up a fee carnival, they:
- Use the real exchange rate – no sleight‑of‑hand trickery.
- Apply a tiny, 0.5% fee – enough to keep the servers humming but barely spooking your pocket.
- Promote 90% savings over traditional banks, claiming their service is 10 times cheaper.
Think of it as a no‑fuss ride from your bank to your friend’s account in another country. No hidden theatrics, just honest currency conversion.
5 Years In: The $1 bn Surprise
By 2012, the little start‑up was turning into London’s newest tech unicorn, worth a staggering $1 bn. Investors were cheering, the media were buzzing, and first‑time users finally found a freebie that worked.
TransferWise shows that truth matters, especially when your hard‑earned money is on the line. It’s the digital version of the good‑old‑fashioned “no stingy pennies” rule.
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