Fintech TransferWise has wrapped up a $292 million secondary funding round, Reuters writes. The company’s valuation doubled to $3.5 billion.
Secondary funding means no new funds have been brought in—instead, some existing investors sold part, or all, of their holdings. According to TransferWise CEO and co-founder Kristo Käärmann, this move helped the company bring in shareholders who are “more in line with its stage of growth.”
“It’s an opportunity to bring on new investors, to bring on the right people for the next phase of growth and get validation that we are building something of increasing value,” Käärmann said.
The round was led by Lead Edge Capital, Lone Pine Capital and Vitruvian Partners, with participation from existing investors like Baillie Gifford and Andreessen Horowitz. Some of the investment came from BlackRock-managed funds.
The company offers inexpensive international money transfers and has 5 million customers worldwide.