TransferWise has confirmed a $5bn valuation after raking in $319m through a secondary share sale.
In the share sale, the company allowed existing investors and employees to sell some of their stakes. Accordingly, the move did not add any fresh capital to TransferWise books.
According to a CNBC report, the deal was jointly led by new investor D1 Capital Partners and its existing shareholder Lone Pine Capital.
TransferWise CEO and co-founder Kristo Kaarmann said: “We’ve been funded exclusively by our customers for the last few years and we didn’t need to raise external funding for the company.
“This secondary round provides an opportunity for new investors to come in, alongside rewarding the investors and employees who’ve helped us succeed so far.”
This comes weeks after Sky News reported that D1 Capital Partners agreed to purchase $200m worth of shares in TransferWise. The report estimated that the investment will provide D1 with 4% stake in the company.
Established in 2011, TransferWise enables cross-border fund transfers like Western Union and MoneyGram.
The company now processes £4bn ($5.2bn) in cross-border payments every month and boasts around 8 million customers globally.
Last year, TransferWise was valued at $3.5bn.
Recently, Kaarmann told the publication that the company expects to maintain its profitability this year.