By Oliver Smith on Tuesday 7 July 2020
After reaching 8m customers, £4bn in monthly cross-border payments and £2bn in deposits.
Just days after being given the green light to launch its own investment products, TransferWise is close to closing a £240m secondary share sale that will allow employees and early investors to cash out part of their holdings.
TransferWise has over 8m customers who send more than £4bn in cross-border payments every month.
At the start of July CEO and co-founder Kristo Käärmann said: “TransferWise is evolving from being a pure payments provider, to the number one alternative for the banking needs of those living and working between countries.”
Käärmann also confirmed that the fintech holds more than £2bn in customer deposits via its borderless account and that through an upcoming investment offering TransferWise would “soon provide a way to make a return on that money.”
To-date TransferWise has raised $689m in primary and secondary funding, and counts backers including Merian Global Investors, Andreessen Horowitz and Sir Richard Branson.
The identity of its new backers taking part in the secondary share sale is currently unclear, however Sky News reported the deal is expected to be signed this week.
A TransferWise spokesperson declined to comment.