TransferWise has raised $280m in a round led by Old Mutual Global Investors (OMGI) and IVP, a Silicon Valley Venture fund, which has also invested in Snap, Dropbox and Twitter.

The company, which reached profitability in early 2017, is looking to expand in the APAC region and has plans to launch services in India.

TransferWise’s round was also supported by existing backers Richard Branson,  Andreessen Horowitz and Baillie Gifford.

Today’s announcement brings TransferWise’s total raised to date to $397m. Taavet Hinrikus, co-founder and chairman of TransferWise, said: “We have a mission to bring TransferWise to everyone in the world who needs it. Today customers send well over a billion pounds using our platform each month for every conceivable reason – whether to help out relatives back home, pay bills overseas or expand their own business into new territories.

“But £1bn is just a slice of the market, which means millions of people are still being ripped off by banks and traditional currency brokers every day. It’s great to have the support of Old Mutual Global Investors and IVP in bringing fair and transparent financial services to more people through our Borderless account,” he added.

TransferWise claims to serve more than 2 million customers now offers 750 currency routes.

Jules Maltz, general partner at IVP, said: “TransferWise is one of the most exciting tech companies in the world and we’ve been watching them from afar for years. We’re thrilled to be part of their mission to give everyone a fair deal managing their money across borders. It’s rare for us to make an investment in a European company but this opportunity was too good to miss.”

Richard Watts, fund manager at Old Mutual UK Mid Cap Fund, OMGI went on to note: “Our team looks to invest in companies with the potential to significantly disrupt an industry. TransferWise, with its innovative product and customer-centric service, offers people a cheaper way to send money and is rapidly gaining market share from the traditional money transfer providers.

“The opportunity to invest now in a private company, with a hugely exciting global growth story, is particularly compelling and we believe this holding will benefit investors in the funds we manage,” he concluded.

TransferWise previously closed a $26m funding round led by Baillie Gifford in May 2016.

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