TransferWise employees and early investors sold some of their stake in a $319 million secondary deal.
by lowering fees and adding a slick online platform to help consumers move money across borders. It now has a total of 8 million customers globally and processes £4 billion in cross-border payments each month.
The London-headquartered money transfer firm hasn't added any fresh cash to its balance sheet with this deal, instead opting to give employees and early investors the chance to sell some of their stakes in a $319 million secondary deal. It's not the first time existing investors have sold shares — the company was valued at $3.
Unlike many of its rival fintech unicorns — Revolut, Monzo and N26, to name a few — TransferWise is profitable. Kaarmann recently told CNBC that the firm expects to turn an annual profit again in its 2020 accounts. The company has been profitable for three years running, but a big selling point of its multi-currency card is the ability to convert to local currencies when travelling.
Kaarmann and fellow co-founder Taavet Hinrikus both had the option to sell shares in this round, though TransferWise declined to disclose how much they sold. TransferWise says share sales were settled internally, rather than through an investment bank like
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