Transferwise share sale sees company value reach $5 billion
The unpublished percentages of the sales of shares worth $319 million of the financial technology company Transferwise, increased the company's value to $5 billion.
Transferwise is a London-based online money transfer service, founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. One of its main distinctives has been cutting down on fees which high street banks often place on inter-bank transfers, and is a popular way of making international payment.
A new investment scheme allows the shareholders and employees to sell their current shares to investors, the company has announced. The investing circle is led by the investor D1 Capital Partners and the current shareholder Lone Pipe Capital.
The shareholders Baillie Gifford, Fidelity Investments and LocalGlobe are also increasing their partnerships.
The percentage of partnerships is not clear in the company's announcement, however, and also it is not clear how will the partnerships of the existing owners change.
The international company is currently serving eight million clients. The company is still profitable, with strong accounting and doesn't include the primary capital, Transferwise announced.
During the COVID-19 pandemic, the number of Transferwise clients has risen. The company has raised $1 billion in both primary and secondary equity rounds.
--
Download the ERR News app for Android and iOS now and never miss an update!
Editor: Roberta Vaino
