Transferwise lands $58M backing from Andreessen Horowitz and others – Mobile World Live

Transferwise lands $58M backing from Andreessen Horowitz and others

26 JAN 2015

UK company Transferwise received a $58 million infusion from a number of investors, including leading US VC outfit Andreessen Horowitz, in a round that has left the money transfer firm with a hefty valuation.

The firm — one of a number in the UK targeting international transfers — will use the new funds for further expansion, starting with the US, Germany and Australia.

The firm is worth close to $1 billion according to the Financial Times.

In addition to Andreessen Horowitz, the Series C round attracted a number of other heavyweights including Sir Richard Branson, Peter Thiel’s Valar Ventures, Index Veutures, IA Ventures and Seedcamp.

And Ben Horowitz, a founding partner with the well-known venture firm, is joining Transferwise’s board.

The firm has ambitious targets of 300 further currency routes in the next year.

Subscribers use its iOS and Android apps to send money from their mobile devices.

Transferwise is operating in an increasingly competitive market — in the UK alone it is up against other well-backed newcomers, including Azimo and WorldRemit.

However, Transferwise is targeting young professionals and small companies sending salaries across borders, unlike rivals who are more interested in the migrant market and users sending funds home to friends and families.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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