TransferWise announces whopping $280 million investment as early shareholders cash in

TransferWise, the international money transfer company and one of Europe’s better-known unicorns, has announced $280 million in new investment today.

The Series E round is led by asset management firm Old Mutual Global Investors, and Silicon Valley VC firm IVP, and I understand also includes some secondary share dealings, meaning that not all of the cash will register on its balance sheet.

A source close to TransferWise, which has been profitable since early 2017, tells me the new funding values the seven-year old company at $1.6 billion.

Also joining the round as new investors are Silicon Valley’s Sapphire Ventures, Japanese company Mitsui & Co, Ltd, and U.S.-Japan venture firm World Innovation Lab. Existing backers Richard Branson, Andreessen Horowitz, and Baillie Gifford participated, too, bringing total raised by the company to $397 million.