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.
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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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