• Latest
  • Trending
  • All
  • News
  • Lifestyle
Money transfer unicorn TransferWise is now worth $5 billion after some employees and early investors cashed out thumbnail

Money transfer unicorn TransferWise is now worth $5 billion after some employees and early investors cashed out

July 29, 2020
US DOE launches $16.4 million funding call for offshore wind and marine energy research thumbnail

US DOE launches $16.4 million funding call for offshore wind and marine energy research

October 3, 2023
Net neutrality is back, but it’s not what you think thumbnail

Net neutrality is back, but it’s not what you think

October 2, 2023
Bed bug gains ground in Paris, worries about Olympics 2024 thumbnail

Bed bug gains ground in Paris, worries about Olympics 2024

October 1, 2023
Government shutdown practically assured after House GOP stopgap measure fails thumbnail

Government shutdown practically assured after House GOP stopgap measure fails

October 1, 2023
House Republicans vote to lower Defense secretary’s salary to $1 thumbnail

House Republicans vote to lower Defense secretary’s salary to $1

September 30, 2023
The economist who’s been predicting a recession for 18 months says the ‘litmus test’ is finally here, especially with oil headed toward $100 a barrel thumbnail

The economist who’s been predicting a recession for 18 months says the ‘litmus test’ is finally here, especially with oil headed toward $100 a barrel

September 29, 2023
Boston Children's Hospital rolls out hybrid 5G network as it plans to unify on Epic thumbnail

Boston Children’s Hospital rolls out hybrid 5G network as it plans to unify on Epic

September 29, 2023
Massachusetts police chief charged in insider trading scheme to resign thumbnail

Massachusetts police chief charged in insider trading scheme to resign

September 28, 2023
The FCC plans to restore Obama-era net neutrality rules thumbnail

The FCC plans to restore Obama-era net neutrality rules

September 28, 2023
FTC and 17 states sue Amazon for antitrust, accuse it of being a monopoly thumbnail

FTC and 17 states sue Amazon for antitrust, accuse it of being a monopoly

September 28, 2023
How to compost—and why it’s good for the environment thumbnail

How to compost—and why it’s good for the environment

September 28, 2023
Safer trains: New project aims to improve railways across 35 states thumbnail

Safer trains: New project aims to improve railways across 35 states

September 28, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Tuesday, October 3, 2023
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
No Result
View All Result
Free Cape Cod News
No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Photos
  • Videos
Home Business

Money transfer unicorn TransferWise is now worth $5 billion after some employees and early investors cashed out

FREE Cape Cod News by FREE Cape Cod News
July 29, 2020
in Business
Reading Time: 4 mins read
Donate
0
Money transfer unicorn TransferWise is now worth $5 billion after some employees and early investors cashed out thumbnail
634
SHARES
1.4k
VIEWS
Share on TwitterShare on Facebook

TransferWise founders Kristo Kaarmann and Taavet HinrikusTransferWise founders Kristo Kaarmann and Taavet Hinrikus

TransferWise founders Kristo Käärmann, left, and Taavet Hinrikus.

TransferWise


This story is available exclusively to Business Insider subscribers.
Become an Insider and start reading now.

  • TransferWise boosted its valuation to $5 billion after concluding a $319 million secondary-share sale.
  • Its new investor D1 Capital Partners and existing shareholder Lone Pine Capital bought into the firm, while existing shareholders Baillie Gifford, Fidelity Investments, and LocalGlobe expanded their holdings in the fintech. 
  • “We’re very happy to not have to raise every two to three years to keep the business alive,” Matt Briers, TransferWise’s chief financial officer, told Business Insider in an interview. “It’s a nice position to be in — we’re not living hand to mouth, we’re profitable, not solving for a short-term valuation, and the most important thing for us and investors is a sustainable, durable business.”
  • Visit Business Insider’s homepage for more stories. 

TransferWise, a London-based money-transfer company, boosted its valuation to $5 billion after concluding a $319 million secondary-share sale.

The new valuation maintains the company’s position as one of Europe’s most valuable fintech startups, and the secondary trade serves to diversify its funding pool.

The company allows customers to send and receive funds in multiple currencies all at real-time exchange rates and recently expanded its US presence. 

Its new investor D1 Capital Partners and existing shareholder Lone Pine Capital bought into the firm, while existing shareholders Baillie Gifford, Fidelity Investments, and LocalGlobe expanded their holdings in the fintech. Vulcan Capital also bought in.

Secondary-share sales are uncommon in Europe and similar deals, which involve existing shareholders selling off their shares to other buyers, are not generally publicized. The transaction gives liquidity to early backers and employees, several of whom may now be extremely wealthy.

TransferWise has now attracted some $1.92 billion in primary and secondary transactions, following a similar deal last year. 

The firm’s chief financial officer, Matt Briers, told Business Insider the move was designed to help the company work with investors who had five- to 10-year horizons and reward employees. 

“We’re very happy to not have to raise every two to three years to keep the business alive,” Briers said. “It’s a nice position to be in — we’re not living hand to mouth, we’re profitable, not solving for a short-term valuation, and the most important thing for us and investors is a sustainable, durable business.”

Investors view the company as ripe for a float, and it now has the freedom to choose when it goes public.

Some companies can feel pressure to list or sell if their backers want liquidity. Cofounder Taavet Hinrikus previously told the Financial Times that he believed TransferWise would go public at some point, but the deal means there’s no rush.

The company serves 8 million customers worldwide, processing £4 billion in cross-border payments every month, and says it adds 10,000 business customers a month via its integrations with other startups, such as Monzo.

“There’s lots of talk about unicorns, but in reality, we’re building something even more rare,” Kristo Käärmann, the CEO and cofounder of TransferWise, said. “Nine years in, we’re saving our customers £1 billion in hidden fees every year. That’s a start, but only a small dent in what banks collect. We’re still at the beginning of a long journey, and we’ve built a financially sustainable company to get there.”

LoadingSomething is loading.

More:

BI Prime
London
Fintech
Valuation

Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Read More

FREE Digital Newspaper Subscription!
Sign up for your free digital subscription. The FREE Cape Cod News

Unsubscribe
FREE Cape Cod News

FREE Cape Cod News

Free Cape Cod News is what's happening in the Cape Cod, U.S and World & what people are talking about right now. Local newspaper. Stay in the know. Subscribe to get notified about our latest news.

Related Posts

The economist who’s been predicting a recession for 18 months says the ‘litmus test’ is finally here, especially with oil headed toward $100 a barrel thumbnail
Business

The economist who’s been predicting a recession for 18 months says the ‘litmus test’ is finally here, especially with oil headed toward $100 a barrel

by FREE Cape Cod News
September 29, 2023
Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life 'Kendall Roy' Taking Over the Family Business thumbnail
Business

Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life ‘Kendall Roy’ Taking Over the Family Business

by FREE Cape Cod News
September 23, 2023
What is a Cybersecurity Policy and How to Create One? thumbnail
Business

What is a Cybersecurity Policy and How to Create One?

by FREE Cape Cod News
September 20, 2023
Norfolk Southern to pay Ohio town residents for any lost home value after a train crash and resulting health worries decimated the local economy thumbnail
Business

Norfolk Southern to pay Ohio town residents for any lost home value after a train crash and resulting health worries decimated the local economy

by FREE Cape Cod News
September 20, 2023
Load More
Please login to join discussion

Follow Us on Twitter

FREE Cape Cod News - Your source for local Cape Cod news, latest breaking U.S. and World news. Every day, all day. Subscribe for your favorite categories.

  • Trending
  • Comments
  • Latest
Rosa DeLauro: I warned Republicans about their debt ceiling bill. I was right. thumbnail

Rosa DeLauro: I warned Republicans about their debt ceiling bill. I was right.

April 24, 2023
Biden Makes a Statement on Evacuation of US Embassy Khartoum in Sudan thumbnail

Biden Makes a Statement on Evacuation of US Embassy Khartoum in Sudan

April 24, 2023
Analysis: Europe's summer of discontent reveals travel sector labour crisis thumbnail

Analysis: Europe’s summer of discontent reveals travel sector labour crisis

June 20, 2022
US DOE launches $16.4 million funding call for offshore wind and marine energy research thumbnail

US DOE launches $16.4 million funding call for offshore wind and marine energy research

October 3, 2023
Net neutrality is back, but it’s not what you think thumbnail

Net neutrality is back, but it’s not what you think

October 2, 2023
Bed bug gains ground in Paris, worries about Olympics 2024 thumbnail

Bed bug gains ground in Paris, worries about Olympics 2024

October 1, 2023

FREE Cape Cod News On Twitter

Today’s News

  • US DOE launches $16.4 million funding call for offshore wind and marine energy research October 3, 2023
  • Net neutrality is back, but it’s not what you think October 2, 2023
  • Bed bug gains ground in Paris, worries about Olympics 2024 October 1, 2023
  • Government shutdown practically assured after House GOP stopgap measure fails October 1, 2023
  • House Republicans vote to lower Defense secretary’s salary to $1 September 30, 2023
FREE Cape Cod News

Copyright © 2023 Free Cape Cod News

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate

Follow Us

No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
  • Login
  • Sign Up

Copyright © 2023 Free Cape Cod News

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist