It’s official: Fintech startup Transferwise closes $280m funding from top investors led by IVP and Old Mutual

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Transferwise founders Taavet Hinrikus (L) and Kristo Kaarmann (R) have landed big name investors (Source: PR)

One of the UK’s star fintech startups has closed a huge new funding round from top investors, including an early backer of Netflix, Snap and Twitter.

Transferwise has raised $280m led by Silicon Valley venture firm IVP and Old Mutual Global Investors.

Sapphire Ventures, Japan’s Mitsui & Co and World Innovation Lab have also jumped on board as new investors, while existing investors Richard Branson, Andreessen Horowitz and Baillie Gifford also participated in the series E round.

It brings total funding to for the money transfer startup to $397m.

“Our team looks to invest in companies with the potential to significantly disrupt an industry," said Richard Watts, manager of UK mid cap fund at Old Mutual, which counts the investment as only  its second in a private company.

"The opportunity to invest now in a private company, with a hugely exciting global growth story, is particularly compelling and we believe this holding will benefit investors in the funds we manage.”

The fresh cash will help the startup expandf futher into Asia.

Transferwise co-founder Taavet Hinrikus: "It’s great to have the support of Old Mutual Global Investors and IVP in bringing fair and transparent financial services to more people through our Borderless account.”