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Secondary funding round doubles Transferwise's valuation to $3.5B

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Secondary funding round doubles Transferwise's valuation to $3.5B

TransferWise Ltd. valuation has doubled to $3.5 billion following a $292 million secondary funding round led by international capital investors.

Growth investors Lead Edge Capital Management LLC, Lone Pine Capital LLC and Vitruvian Partners LLP led the funding round, with additional funding from funds managed by BlackRock Inc. Existing investors Baillie Gifford & Co and Andreessen Horowitz LLC also raised their existing interests in the British remittance firm.

At present, TransferWise has raised $689 million in primary and secondary funding.

The latest funding round makes TransferWise the most valuable financial technology firm in Europe, according to Financial News. It overtook challenger bank ACORN OakNorth Holdings Ltd., whose valuation is now $2.8 billion.

Launched in 2011, TransferWise currently has 12 global offices with over 1,600 employees serving over 5 million customers. The company also said it intends to hire 750 more staff over the next 12 months.