8.6 C
New York
Friday, October 22, 2021
Home Challanger banks Wise secured £160m from Silicon Valley Bank

Wise secured £160m from Silicon Valley Bank

Silicon Valley Bank UK Branch (SVB), announced it decided to provide Wise a new £160m capital facility so the company is able to refinance its existing debt.

Wise has also joined the Temenos marketplace and to expand the reach of the company’s services across the world.

Read also: Mastercard and bunq introduced cards with the True Name feature

“The revolving loan provided by Silicon Valley Bank will offer us flexible and efficient access to working capital, meaning we can continue bringing our service to as many customers as possible, regardless of where in the world they are,” Matt Briers, chief financial officer at Wise, said.

Thomas Easterby, Director of Corporate Finance at SVB UK & EMEA, says: I am delighted that the Silicon Valley Bank’s UK & EMEA Corporate Finance team has been able to lead the financing for Wise as it plans its next phase of growth.

“This financing builds on our long-term relationship with Wise and showcases how SVB collaborates with innovation companies throughout the journey,” he adds.

Wise will allegedly make use of the cash for “ongoing working capital requirements,” perhaps for its rumoured upcoming London IPO.

Speaking on the development, Rosh Wijayarathna, Head of Corporate Finance, SVB UK and EMEA, stated, “Supporting innovation, innovators and their investors is in our DNA, and SVB’s Corporate Finance team is delighted to provide this facility to Wise. We are now seeing the UK create global market leaders and the UK ecosystem maturing as a world-leading innovation hub.”

Joining Temenos marketplace will see Wise connected with more than 3,000 banks and financial institutions around the world.

The cross-border payments that Wise provides are about eight times cheaper than traditional banks and institutions.

“Together with Wise, we are making banking better. Wise brings a truly borderless experience to international banking and payments,” Martin Bailey, product director at Temenos, said.

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

Recent posts

N26 has raised $900 million and is worth $9 billion

This way N26 became the second highest-valued bank in Germany, slightly ahead of Commerzbank.

Klarna is strengthening credit checks

Klarna, the “buy now, pay later” credit company, has unveiled important changes to its services in the UK.

Nik Storonsky has opened family office in London

According to Sifted, CEO of Revolut Nik Storonsky has decided to open a family office in London, UK. This...

Curve reported serious operating losses

Fintech Curve has reported an operating loss of £37.9 million in its annual results for 2020.