TransferWise, a UK-based money transfer firm, has raised £65m in funding from NatWest, JP Morgan and LHV Bank.
With the new syndicated debt facility, the money transfer firm plans to support its existing and future working capital needs.
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NatWest relationship director Matt Whittle said: “We are delighted to continue our support of TransferWise; NatWest has worked closely with the team to structure a bespoke funding solution that is reflective of the company’s exponential growth and unique business model. We look forward to continue working with the team and supporting their future growth ambitions.”
Furthermore, TransferWise currently has a client base of over four million. The firm will move the £3bn of money on behalf of its clients on a monthly basis.
TransferWise CFO Matt Briers said: “TransferWise is all about moving money around the world faster, cheaper and more conveniently.
“This revolving loan provides cost effective working capital, helping us continue to deliver an exceptional service to customers as we grow at pace.”
In addition, in June 2018, Transferwise collaborated with British challenger bank Monzo to strengthen the latter’s international payments capabilities.
Earlier this year, the money transfer firm became the first non-bank member to gain direct access to the UK’s Faster Payments Scheme.
