LONDON—Money transfer firm Wise has obtained £300 million in debt financing to support its growth plans.
The syndicated debt facility was arranged and led by Silicon Valley Bank UK with six other banks also participating, Fintech Futures reported.
Wise, originally TransferWise, was launched in 2011 to allow people and businesses to move money across borders. Currently, it allows individuals and business customers, including banks and large companies, to hold over 50 currencies, move money between countries and spend money abroad, according to the report.
Matt Briers, chief financial officer at Wise, said the new facility led by Silicon Valley Bank UK “will offer us flexible and efficient access to working capital” as it looks to invest in the development and improvement of its payments services.
Thomas Easterby, managing director of corporate finance at Silicon Valley Bank UK, added the move “continues our long-term relationship with Wise following the pre-IPO syndicated facility last year,” Fintech Futures noted.
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