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July 14, 2020

D1 Capital Partners to acquire 4% stake in TransferWise

American hedge fund D1 Capital Partners is set to acquire around 4% stake in British payment service TransferWise.

According to a Sky News report, D1 has agreed to purchase $200m worth of shares in TransferWise. The move was a part of a secondary share sale that was signed last week.

The acquisition will provide D1 with around 4% stake in the company, which values $5bn (£4bn).

The transaction was signed at a 30% premium, the publication further reported citing sources familiar with the matter.

D1 also owns interests in Amazon, Facebook and Netflix.

TransferWise was established nine years ago to offer cross-border payment and fund transfer services. The company now employs around 2,200 people and the services are available in several languages.

It counts around eight million customers and processes nearly £4bn in monthly cross-border transaction volumes.

In May, small business platform Xero partnered with TransferWise and accelerated the launch of new financial reporting features.

TransferWise also partnered with Alipay this year to support money transfers to China.

The collaboration enabled TransferWise’s more than seven million customers to send Chinese yuan from 17 countries to Alipay users.

It also enabled the British firm to tap Alipay’s customer base of more than 1.2 billion.

Recently, TransferWise secured approval from the FCA to offer investment services to borderless bank account customers.

 

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