PayPal co-founder signals USD6m investment in Transferwise

"Spectacular growth"

Peter Thiel has elected to grant USD6m to Transferwise for his first Valar Ventures investment in Europe. This is due to the “spectacular growth” the London-based international money transfer business has witnessed in two years since its founding.

“Innovation in the banking industry typically involves rent-seeking or unsound derivatives, which offer marginal benefits to consumers,” Thiel said in a statement. “TransferWise demonstrates true innovation in banking by enabling its users to retain their wealth across borders.” 

As a result, the total moment the company has raised since 2007 now amounts to USD7m.

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