TransferWise, probably the UK Fintech industry’s greatest success story to date and number 1 in our Top 100 fastest growing companies report, has once again been the subject of IPO rumours in the past month. Sky News broke the story that Old Mutual Global Investors and Silicon Valley firm IVP were in talks to take a stake in the company.

The deal was completed and saw funding to the tune of $280m pumped into the tech unicorn, valuing the London-based company at $1.6bn (£1.2bn).

Founded in 2010, TransferWise has grown at an impressive rate, having clearly identified a need in the market and cutting the often large fees offered by banks or other currency exchange services. The firm reached profitability earlier in 2017 and boasts a 10 per cent market share in the UK.

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The company has previously raised $117m in funding - including $26m in 2016 - having been backed by an impressive array of investors including Richard Branson and Venture Capital firm Andreessen Horowitz, who also joined in the latest funding round.

According to City AM, this Series E raise will help the company expand into Asia, and there have also been rumours that the company has been looking to increase its presence in Brazil. Some early employees at TransferWise were able to sell shares in this latest round.

Despite this extra funding and a lot of excitement as to how the company may expand in the future, many feel a public listing is still some time off, with co-founder Taavet Hinrikus pouring cold water onto any rumours in an interview with Bloomberg. However, when it does decide to float, TransferWise will likely be in a strong position judging by its past successes.