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Report: Old Mutual unit to invest in UK payment app TransferWise

Old Mutual Plc unit Old Mutual Global Investors (UK) Ltd. is in talks to acquire a stake in the U.K.-based payment app TransferWise, Sky News said Oct. 10, citing insiders.

The investment is reportedly meant to support a fundraising effort by TransferWise, which will value the financial technology firm at more than £1.2 billion. Chairman Taavet Hinrikus and CEO Kristo Kaarmann will likely of-fload a part of their stakes, the report noted.

The asset manager is expected to announce the deal by October-end, Sky News said, adding that the investment by the Old Mutual unit along with an investment by the Silicon Valley firm IVP underlines TransferWise's long-term ambition of floating an IPO.