#Payments / TransferWise Valuation Reached $5B

TransferWise, the online money transfer service startup, is now valued at $5 billion thanks to a secondary share sale as investors embrace online payments…

The 9-year-old unicorn, the term used to describe a startup company with a value of more than $1 billion, calls itself one of the world’s fastest growing tech firms. It competes with MoneyGram and Western Union by lowering fees and adding a platform to help customers move money across borders.

TransferWise boasts a total of 8 million customers across the globe and processes 4 billion pounds ($5.2 billion) payments monthly.

Ten banks across three continents, including Monzo, N26, Bunq, and Aspire in Singapore offer TransferWise’s service to their millions of customers…

The company recently announced it has received approval from the Financial Conduct Authority, a financial regulatory body in the United Kingdom (UK), to offer savings and investments options in the UK through the TransferWise borderless account, with the new product set to launch within a year.