• 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
Trump Allies Rally Around Former President After Indictment thumbnail

Trump Allies Rally Around Former President After Indictment

March 31, 2023
House Democrats vent frustration after Biden reversal on COVID-19 emergency measure thumbnail

House Democrats vent frustration after Biden reversal on COVID-19 emergency measure

March 31, 2023
White House slams House GOP over budget delays in debt-ceiling impasse thumbnail

White House slams House GOP over budget delays in debt-ceiling impasse

March 31, 2023
Italy-sized chunk of Gulf of Mexico to be auctioned off by the US for oil drilling thumbnail

Italy-sized chunk of Gulf of Mexico to be auctioned off by the US for oil drilling

March 30, 2023
Elizabeth Warren running for 3rd US Senate term in 2024 thumbnail

Elizabeth Warren running for 3rd US Senate term in 2024

March 29, 2023
Washington bill would restrict the sale of health data thumbnail

Washington bill would restrict the sale of health data

March 29, 2023
White House Suggests ‘Assault Weapons Ban’ After Mass Shooting at Nashville School thumbnail

White House Suggests ‘Assault Weapons Ban’ After Mass Shooting at Nashville School

March 28, 2023
Dem Rep. Cohen: 'Hard' to Serve with GOP So 'Attached to Guns,' They’re 'Part of the Danger' thumbnail

Dem Rep. Cohen: ‘Hard’ to Serve with GOP So ‘Attached to Guns,’ They’re ‘Part of the Danger’

March 28, 2023
Analysis-Banking woes, Fed keep investors on edge in nervous U.S. stock market thumbnail

Analysis-Banking woes, Fed keep investors on edge in nervous U.S. stock market

March 28, 2023
Marjorie Taylor Greene Says She Was 'Assaulted' by Whistle at DC Jail Visit thumbnail

Marjorie Taylor Greene Says She Was ‘Assaulted’ by Whistle at DC Jail Visit

March 27, 2023
Boston Red Sox Star Achieves Big Spring Training Milestone Less Than 3 Weeks After Gruesome Injury thumbnail

Boston Red Sox Star Achieves Big Spring Training Milestone Less Than 3 Weeks After Gruesome Injury

March 27, 2023
A better solution to fraud and chargebacks than regulation thumbnail

A better solution to fraud and chargebacks than regulation

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Friday, March 31, 2023
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • News
    • News
    • Cape Cod 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
  • 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

Analysis-Banking woes, Fed keep investors on edge in nervous U.S. stock market thumbnail
Business

Analysis-Banking woes, Fed keep investors on edge in nervous U.S. stock market

by FREE Cape Cod News
March 28, 2023
Jake Paul among 8 celebrities charged by SEC for ‘illegally touting’ crypto scheme thumbnail
Cryptocurrency News

Jake Paul among 8 celebrities charged by SEC for ‘illegally touting’ crypto scheme

by FREE Cape Cod News
March 23, 2023
How women-owned businesses and entrepreneurs are driving power for good thumbnail
Business

How women-owned businesses and entrepreneurs are driving power for good

by FREE Cape Cod News
March 18, 2023
Meta to end support for NFTs on Facebook and Instagram thumbnail
Business

Meta to end support for NFTs on Facebook and Instagram

by FREE Cape Cod News
March 15, 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
Red States Benefit Most From Biden's Inflation Reduction Act thumbnail

Red States Benefit Most From Biden’s Inflation Reduction Act

March 1, 2023
Trump Allies Rally Around Former President After Indictment thumbnail

Trump Allies Rally Around Former President After Indictment

March 31, 2023
What is the weather like in Cape Cod in September. FREE Cape Cod News.

What is Special about Cape Cod?

March 2, 2023
Trump Allies Rally Around Former President After Indictment thumbnail

Trump Allies Rally Around Former President After Indictment

March 31, 2023
House Democrats vent frustration after Biden reversal on COVID-19 emergency measure thumbnail

House Democrats vent frustration after Biden reversal on COVID-19 emergency measure

March 31, 2023
White House slams House GOP over budget delays in debt-ceiling impasse thumbnail

White House slams House GOP over budget delays in debt-ceiling impasse

March 31, 2023

FREE Cape Cod News On Twitter

Today’s News

  • Trump Allies Rally Around Former President After Indictment March 31, 2023
  • House Democrats vent frustration after Biden reversal on COVID-19 emergency measure March 31, 2023
  • White House slams House GOP over budget delays in debt-ceiling impasse March 31, 2023
  • Italy-sized chunk of Gulf of Mexico to be auctioned off by the US for oil drilling March 30, 2023
  • Elizabeth Warren running for 3rd US Senate term in 2024 March 29, 2023
FREE Cape Cod News

Copyright © 2022 Free Cape Cod News

Navigate Site

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

Follow Us

No Result
View All Result
  • FREE Cape Cod News
  • News
    • News
    • Cape Cod 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 © 2022 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