Transferwise attracts $58m in new funding: Money transfer startup backed by Marc Andreessen and Ben Horowitz

Kasmira Jefford
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Marc Andreessen is backing Transferwise
US tech magnates Marc Andreessen and Ben Horowitz have become the latest high profile names to throw their weight behind London money transfer startup Transferwise after leading a $58m (£38.7m) round of funding.

Transferwise was set up three years ago by early employees of Skype with the aim of disrupting the transfer market by cutting out the expensive exchange fees charged by banks and brokers.

It has so far raised $91m since its launch from investors including Sir Richard Branson, Peter Thiel’s Valar Ventures and Index Ventures, who have all invested alongside Andreessen and Horowitz in the latest round of funding.

The Netscape co-founder and his business partner have invested in the likes of Twitter, Airbnb and Facebook.

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