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TransferWise is said to seek new funding round

TransferWise is in talks to raise another round of funding, according to two sources.

The London fintech company is seeking $50 million to $100 million, the people said. It’s unclear who is investing in the round.

Launched in 2011, TransferWise enables individuals and businesses to send money overseas more cheaply using a peer-to-peer transfer system.

The company has collected $116.4 million through six rounds of funding, according to Crunchbase. Baillie Gifford, an asset-management firm, led TransferWise’s last round in March 2016 when the company raised $26 million. Andreessen Horowitz also led a $58 million round for TransferWise in 2015.

Other investors include Peter Thiel’s Valar Ventures, Index Ventures, Sir Richard Branson and Seedcamp. The company is expected to hit $100 million in revenue this year, reported Sky News.

TransferWise’s new funding round, which could be finalized “within weeks,” could value the fintech company at more than 1 billion pounds ($1.3 billion), Sky News said last month.

In July, TransferWise said Co-Founder Kristo Kaarmann would become CEO of the money transfer startup, while Taavet Hinrikus, the other co-founder, would become chairman.

News of TransferWise’s funding comes as a deal for another British fintech company is up in the air. Worldpay has granted Vantiv, its U.S. suitor, until Aug. 8 to make a firm takeover bid or walk away, Reuters reported.

In July, Vantiv agreed to buy Worldpay for $10.17 billion and had until Aug. 1 to submit a formal bid, the story said. But the two companies are still negotiating the final terms of the deal, Reuters said.

TransferWise, Andreessen Horowitz, Index Ventures, Valar Ventures and Ballie Gifford could not be reached for comment.

Action Item: Contact Kristo Kaarmann at +1 888-908-3833

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