Estonia, Financial Services, Good for Business, Investments, Technology

International Internet Magazine. Baltic States news & analytics Saturday, 20.04.2024, 01:05

Estonian start-up TranferWise receives a major capital injection

BC, Tallinn, 26.01.2015.Print version
US risk investor Andreessen Horowitz together with companions invested 58 million dollars in the Estonian start-up company TransferWise, which is so far the largest amount of money invested in a startup of Estonian origin, LETA/Äripäev.ee reports.

The company’s estimated value is now a billion dollars.

 

The circle of investors included also existing investors alike Richard Branson, Valar Ventures, Index Ventures, IA Ventures and Seedcamp, reported TechCrunch. Previously, Andreessen Horowitz has invested money, for example, in Facebook.

 

TransferWise, a money transfer service created by Estonians David Hinrikus and Kristo Käärmann in 2011, plans to use the investment for expanding the company across the world.


The transaction amount in euros is 51.6 million. Along with the fresh investment, TransferWise has received a total investment of 75.7 million euros.

 

The company's platform has been used to make transfers worth 4.5 billion dollars (4 billion euros). The users have saved about 180 million euros, which would have been spent on service fees, if they had used a traditional bank to make the transfer.





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