TransferWise raises $58M in Andreessen Horowitz-led Series C

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London-based online currency transfer outfit TransferWise has raised a $58 million Series C round that was led by Andreessen Horowitz. This follows a $25 million Series B round just seven months ago, which included Virgin chief Richard Branson and original backer Peter Thiel (who are also in the current round, along with Index Ventures, IA Ventures and Seedcamp.) Like CurrencyFair over in Ireland, TransferWise uses cash reserves in various countries to bypass the banks and offer conversion rates that are far cheaper than those offered by traditional banks and remittance services. According to the Financial Times, Andreessen Horowitz won a competitive bidding process to invest in TransferWise, which is now valued at “close to $1 billion”.

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