A couple of months back, European money transfer startup TransferWise hit a major (PR) milestone. Its platform had processed £1 billion of customers’ money, an eight-fold increase from the previous year. At the time, Executive Chairman and co-founder Taavet Hinrikus sounded as bullish as ever.
“If I look at the world right now… money transfer is such a humongous market,” he told me during a call. “Even though we have transferred a billion pounds so far, we’re just touching the beginning of it.”
Today, Hinrikus’ words are brought sharply into focus. The London-based company has closed a new round of funding. It’s raised a further $25 million, adding Sir Richard Branson as a backer, along with existing investors, including Peter Thiel’s Valar Ventures, IA Ventures, Index Ventures, TAG (Robin Klein and Saul Klein), and Kima Ventures. This brings the total raised by TransferWise to $33 million since its launch in early 2011.
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