Estonian-founded TransferWise receives €52 million investment
The Silicon Valley-based American venture capital firm Andreessen Horowitz leads a new 51.65-million-euro investment round in the Estonian-founded, London-based, money transfer firm TransferWise.
Ben Horowitz, a partner at Andreessen Horowitz, joins the TransferWise's board to help accelerate the company’s global roll-out. His firm’s notable investments include Facebook, Twitter, Airbnb, GitHub, and Pinterest.
TransferWise’s existing investors, including Sir Richard Branson, Peter Thiel’s Valar Ventures, Index Ventures, IA Ventures, and Seedcamp, also participated in the round.
The start-up will use these funds for global expansion. It opens its US office next month and will be opening offices in Germany and in Australia in the next few months. The company plans to open 300 further currency routes in the next year.
TransferWise was launched in London in early 2011 by Estonians Taavet Hinrikus, Skype's first employee, and Kristo Käärmann. The firm started with making transfers between the British pound and euro. It now has 250 members of staff, 292 currency routes and continues to grow between 15-20 percent a month. The company says that customers have transferred four billion euros using their platform.