London Based Startup TransferWise Raises USD 58M Led by Andressen Horowitz


Image Source: TransferWise

Image Source: TransferWise

After raising USD 25 million in June 2014, TransferWise, a London-based money transfer company now has secured USD 58 million a fresh round of funding led by Andreessen Horowitz- the venture capital firm created by Netscape and Opsware founders Marc Andreessen and Ben Horowitz. The existing investors including Sir Richard Branson, Peter Thiel’s Valar Ventures, Index Ventures, IA Ventures, and Seedcamp, also participated in the round.

The startup 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.

Ben Horowitz joins the company’s board to help accelerate the company’s global roll-out. Some of his firm’s investments include Facebook, Twitter, Airbnb, GitHub, and Pinterest.

TransferWise was launched in early 2011 with the two founders Taavet Hinrikus and Kristo Kaarmann, to help users make transfers between just the British pound and euro. It now has 250 members in its team, 292 currency routes and continues to grow between 15-20 percent a month. Previously, it had received USD 6 million in series A round. In 2012, the firm secured USD 1.30 million funding in seed investment. Till date, including this round, TransferWise had received a total capital of USD 90.4 million in 5 rounds from 8 investors.