Transferwise, a London-based money transfer startup has landed $25M from a consortium of investors. The investors include Peter Thiel’s internationally focused venture fund, Valar Ventures, Sir Richard Branson, Index Ventures and IA Ventures.
The money transfer startup established by one of the co-founders of Skype was founded in 2011. It plans to use the investment to further improve its service and expand its low-cost international transfer offering to to new countries. Transferwise bills itself as the cheapest way to send money abroad. The investment is a seal of approval on the growing number of companies in the financial technology space as recently the company announced that it had facilitated over £1B in transfers in its 3 years.
Transferwise has now raised over $32M in funding from existing investors and is looking to disrupt the banks and the existing heavyweights.