TransferWise, the international money transfer platform, has closed a $26m funding round.
Today’s announcement brings the London-based company’s total funding to $117m since it was founded in 2011.
The round was led by Baillie Gifford, which joins Andreessen Horowitz, Peter Thiel’s Valar Ventures and Sir Richard Branson as investors in the company.
Taavet Hinrikus, CEO and co-founder, said: “After just five years, we’ve seen how much TransferWise can help people who need to move money internationally. People are now moving £500m every month on TransferWise, that means they’re saving themselves over £22m.
“We want to bring TransferWise to everyone in the world who needs it. It’s great to have Baillie Gifford on board to help us grow even faster,” he added.
TransferWise, which claims to have over 1 million customers, says it will use the money to fuel its ongoing global expansion.
Peter Singlehurst from Baillie Gifford, added: “We’re delighted to have invested in TransferWise. Its success to date shows how badly served consumers have been in the past and the real need for what TransferWise offers. The company’s plans for the future are very exciting and the founders have built up an awesome team to deliver them.”