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FinTech darling TransferWise secures $26m investment top-up

London-based FinTech firm TransferWise has announced that it has secured a further $26m (approx. £17.7m) in investment that brings it ever closer to unicorn status.

The round was led by Edinburgh-headquartered asset management firm Baillie Gifford with previous investors, including Valar Ventures and Sir Richard Branson, also participating.

A leading light in the capital’s thriving FinTech scene, this new investment round brings total investment in the money transfer company to $117m which some, TechCrunch amongst them, are speculating brings the total value of the company to $1.1bn - meaning it has attained the much vaunted unicorn status.

Launched in 2011, the FinTech firm specialises in international money transfers and aims to provide a better deal for consumers than comparable money transfer services provided by banks and other providers which can carry exorbitant charges and fees.

Commenting on the TransferWise’s journey so far, Taavet Hinrikus, Chief Executive Officer and co-founder, said: “After just five years, we’ve seen how much TransferWise can help people who need to move money internationally.

“People are now moving £500 million every month on TransferWise, that means they’re saving themselves over £22 million.

“We want to bring TransferWise to everyone in the world who needs it. It’s great to have Baillie Gifford on board to help us grow even faster.”

After coming on board in this new round of investment, Peter Singlehurst at Baillie Gifford added: “We’re delighted to have invested in TransferWise. Its success to date shows how badly served consumers have been in the past and the real need for what TransferWise offers.

“The company’s plans for the future are very exciting and the founders have built up an awesome team to deliver them.”