8.6 C
New York
Thursday, February 29, 2024
Home Challanger banks TransferWise is preparing to hire bankers for 2021 IPO

TransferWise is preparing to hire bankers for 2021 IPO

The Fintech unicorn TransferWise has decided to ask investment banks to pitch in the new year for roles on an impending initial public offering (IPO), Sky News reported.

Goldman Sachs is understood to be well-suited for a leading role on the deal.

Read also: ASR expands cooperation with bunq after 400% growth of mortgage portfolio

This follows a successful period of TransferWise as it announced a 70% growth in revenue over the last financial year to £302.6 million.

TransferWise was also valued at $5bn (£3.7bn) in a secondary fundraising just five months ago, and an IPO is likely to take place later in the 2021.

Some insiders say its valuation is likely to be in excess of the figure achieved in July, even before any new funds are included from the sale of new equity.

The company has also announced it will hire 750 new staff members in the next 6 months.

The most important details of the company’s prospective public markets debut have yet to be finalised, although London is said to be the preferred listing destination of its founders, Taavet Hinrikus and Kristo Kaarmann.

According to Sky News, “UK Prime Minister Boris Johnson, hosted a call on 18 December, with the bosses of some of the UK’s “most prized tech companies”. This included Deliveroo, Oxford Nanopore and Revolut – as part of a charm offensive to sell the City’s credentials to the sector.”

Kaarmann, TransferWise’s chief executive, was among those in attendance.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Payment Technology Trends Shaping 2024 and Beyond

In commerce, staying ahead means understanding and implementing the latest in payment technology trends.  As we edge toward 2024...

The Future of Digital Payments: Exploring PayPal Alternatives

PayPal has been a major force in digital payments since its debut in 1998, leading the charge in online financial interactions. However,...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

Nubank: Supercharged Banking and Predicted to Soar Beyond $100 Billion

In this blog, we will explore two exciting developments that have everyone talking about Nubank: its potential for exponential growth in share value and its remarkable expansion to serve more than 90 million customers across Latin America.