TransferWise, a London-based startup that wants to make transferring money between currencies effortless and inexpensive, has closed a $6 million series A round led by Peter Thiel’s Valar Ventures. Additional participants include SV Angel, PayPal co-founder Max Levchin and Seedcamp.
This investment marks a milestone for Valar Ventures: it’s the firm’s first European investment. Given how influential Thiel is in the Valley, this move could encourage other VCs to do the same.
Hyping up its success, TransferWise says it has experienced “spectacular growth” since launching in 2011. The startup details that it has transferred over £125 million (roughly $194.5 million) for its users, and now staffs 33 employees. TransferWise is able to transfer between the following currencies: Euro, British Pound, Polish Zloty, Danish, Swedish and Norwegian Krone. It’s noteworthy, however, that TransferWise can only transfer to US Dollars from the previously mentioned currencies, and not the reverse (e.g.: from USD to £).
As for how the startup will spend its fresh capital, TransferWise co-founder Taavet Hinrikus says it aims to “add a dozen new currencies and launch the site in new markets including Germany, Spain, France, and Italy.” For TransferWise, its total funding is now at $7.35 million since launching two years ago.
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