For his first Valar Ventures investment in Europe, Peter Thiel elected to grant $6 million to London-based international money transfer business TransferWise, due to the “spectacular growth” it’s had it in the two years since its founding.
“Innovation in the banking industry typically involves rent-seeking or unsound derivatives, which offer marginal benefits to consumers,” Thiel said in a statement. “TransferWise demonstrates true innovation in banking by enabling its users to retain their wealth across borders.”
The funds bring the total amount the company has raised to more than $7 million since 2011.
Read the full press release here.
