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P2P money transfer startup TransferWise has raised a $58m Series C round from US West Coast VC Andreessen Horowitz (a16z).

The fintech startup is one of the most well-known and now well-funded startups in East London, having to-date raised $91m with investors including Richard Branson and Index Ventures.

The giant of Tech City uses a peer-to-peer money transfer systems that passes to cheap foreign exchange rates to customers.

Global expansion

The funds will be used to grow TransferWise overseas, with offices soon opening in the USA and Germany. The startup also hopes to more than double its current number of trade routes, adding 300 to the 292 it is operating right now.

Ben Horowitz of a16z will join the company’s board to help accelerator the international growth. Horowitz explained the VC believes TransferWise’s team are “uniquely prepared to pursue [innovation in foreign exchange]”.

“Not only is their solution 10 times better than the old way of exchanging foreign currency, but it could not have come at a better time.

“Since there has been little to no innovation from the traditional banking sector, we see massive opportunity for new financial institutions like TransferWise.”

 No Sequoia?

TransferWise’s previous investors Richard Branson, Peter Thiel’s Valar Ventures, Index Ventures, IA Ventures, and Seedcamp all participated in the round. However, Sequoia Capital, who in November 2014 were rumoured to be investing $50m in the London startup, are nowhere to be seen.