Money transfer service TransferWise, founded by Estonian entrepreneurs, has become the most valuable fintech startup in Europe.

Forbes Russia reports that TransferWise recently announced USD 292m funding and was estimated to be worth USD 3.5bn. The startup raised USD 689m in total over the entire period of activity.

Founded in 2011, TransferWise created an app and website that enable users to transfer money to other countries by relevant currency rates. The startup made a revolution in currency exchange and across-the-border transfers thanks to transparent pricing and removal of fees and markups that banks usually charge.

TransferWise currently has 5 million clients worldwide and processes transfers in total amount of USD 5 billion monthly. The 12 offices of TransferWisе employ 1600 staffers. The company saves its clients USD 1bn of bank fees annually.

Over the financial year, the company recorded USD 7.9m net profit and the gain almost doubled, rising to USD 148m.


“With a new shiny USD 3.5bn price tag, TransferWise is the most valuable fintech company in Europe. It left behind the British OakNorth, which is worth USD 2.8bn. Lead Edge Capital, Lone Pine Capital and Vitruvian Partners were among the company’s new investors during the latest funding round,” Forbes Russia wrote.

“The world is moving towards more transparent business and we want to be a part of it. International money transfer is a market with value of trillions of dollars, and until now it was ruled by banks that artificially increased the prices and decreased the speed of transfers. TransferWise has changed everything,” said Investment Partner at Lead Edge Capital Nimay Mehta.

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