NatWest leads £65m TransferWise funding
Written by Peter Walker
TransferWise has completed a £65 million syndicated debt facility with NatWest, JPMorgan and LHV Bank to support the increasing requirements of its growing international customer base.
Launched in 2011, the London-based FinTech offers customers an easier and quicker option to manage money across borders, and now counts four million customers and moving £3 billion of money each month.
This tailored revolving credit facility provides TransferWise with a flexible funding solution to support its current and future working capital requirements.
Chief financial officer Matt Briers explained that this revolving loan provides cost effective working capital, “helping us continue to deliver an exceptional service to customers as we grow at pace”.
Matt Whittle, relationship director at NatWest, added: “We have worked closely with the team to structure a bespoke funding solution that is reflective of the company’s exponential growth and unique business model.”
Around this time last year, the company closed a $280 million Series E funding round, as it prepared to launch in a number of Asian markets.
In March, TransferWise issued a debit card to serve alongside its ‘borderless’ digital bank account for customers, then in April it became the first non-bank payment service provider to be approved by the Bank of England.