Currency exchange TransferWise nabs $6M in first European investment by Thiel’s Valar Ventures

Currency exchange TransferWise nabs $6M in first European investment by Thiel’s Valar Ventures

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 ‚Äúspectacular growth‚ÄĚ 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‚Äôs 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 ‚Äúadd a dozen new currencies and launch the site in new markets including Germany, Spain, France, and Italy.‚Ä̬†For TransferWise, its total funding is now¬†at $7.35 million since launching two years ago.

Image credit: Thinkstock

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