One of the UK's most successful fintech startups is about to land backing from a top Silicon Valley venture capital firm which has invested in some of the top tech businesses around, according to reports.
Transferwise, the online money transfer company which turned a profit for the first time in May, is in talks with IVP, an investor in Netflix, Snapchat and Twitter before they went public, Sky News reports.
Read more: Transferwise aims to kick off new fundraising to take its value above £1bn
The talks come after the startup embarked on a new round of fundraising that will see its value sail past the so-called unicorn valuation of $1bn.
Transferwise has raised $116m to date, according to figures from Crunchbase, from the likes of Index Ventures, Andreessen Horowitz, Valar Ventures and Baillie Gifford, with the last round of cash coming in May 2016. One of the earliest UK investors in Transferwise, Seedcamp, cashed out a minority stake earlier this year.
Read more: Are unicorns ever profitable? One fintech startup just proved it's possible
More than £1bn of transfers are made on the platform every month and it has also revealed a revenue run rate of £100m. "To have hit break-even just six years on from launch shows how strong the foundations of our business are," said co-founder and chief executive Taavet Hinrikus at the time.
Hinrikus, one of the most outspoken entrepreneurs on Brexit, has since handed over the day-to-day running of the company to co-founder Kristo Kaarmann, becoming chairman.
Transferwise has set its sights on expansion, opening an office in Singapore which will become a hib for its business in Asia Pacific. And it earlier this year launched its first foray beyond money transfers, with the launch of a "borderless business account".
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