Transferwise has raised a further $292 million, valuing the company a $3.5 billion and making it one of Europe’s most valuable FinTechs.

The digital crossborder payments provider announced the secondary funding round led by growth capital investors Lead Edge Capital, Lone Pine Capital and Vitruvian Partners, in addition to support from funds managed by BlackRock, as well as existing investors Andreessen Horowitz and Baillie Gifford, which expanded their holdings.

The round brings the total raised by the company since it launched in 2011 to $689 million in primary and secondary funding. It has also seen a number of early shareholders, including staff members and investors, receive a pay out.

Chief executive and co-founder Kristo Käärmann said: “We don’t need to raise funds to continue on this trajectory, but we’re humbled by the persistent level of interest in joining our mission. The round provides a way for these investors to buy in, alongside rewarding some of the earliest contributors who’ve been with us since the beginning.”

The London-based FinTech handles £4 billion in international money transfers every month, with five million customers worldwide, and claims it saw a profit of £6.2 million last year with 77 per cent revenue growth.

The firm has a staff of 1,600 people across 12 global offices and said it will hire more than 750 additional staff in the next 12 months.

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