TransferWise, London based money transfer and fintech startup has raised further $26 Million at a valuation of $1.1 Billion. The latest round, which was led by Baillie Gifford, UK based investment management firm, puts the startup in the elite club of Unicorn Startups in United Kingdom.
The raised funding will be used to further grow operations and invest in technology. According to Taavet Hinrikus, CEO – TransferWise, most of the revenue of the startup has putting in all the revenue for future growth and that is where the latest investment will come in handy.
The startup has employed around 600 people in various departments and offices in UK, Europe and United States. Apart from the 100 product guys, most of the others are in departments like sales and marketing. The startup feels that the quality of its product has been one of the major reasons behind the success and it hopes to continue the same in the coming times.
TransferWise helps people transfer money to their friends and family. Along with that, it has been working to provide more financial services to the users. The startup has been around since a while and with the latest funding, the amount of total money raised has gone upto $117 Million.