Money transfer unicorn Wise has secured a £300 million syndicated debt facility from seven banks led by Silicon Valley Bank UK.
Co-founded by Kristo Kaarmann and Taavet Hinrikus in 2011 in London, Wise now processes £8 billion in cross-border transactions every month for more than 13 million customers.
Its products include a debit card, borderless account, money transfer service and APIs for larger companies and bank partnerships.
Wise previously raised £160m of refinancing on their existing line of credit through a syndicated facility led by Silicon Valley Bank’s UK and EMEA Corporate Finance team in 2021.
“Our mission is to create money without borders – instant, convenient, transparent and eventually free,” said CFO Matt Briers.
“The new facility led by Silicon Valley Bank UK will offer us flexible and efficient access to working capital.
“This means we can continue bringing our service to as many as possible and we can keep investing in making our payments faster, cheaper and more efficient for our millions of customers around the world.”
SVB recently created a fully-fledged subsidiary bank in the UK.
Thomas Easterby, MD of corporate finance at Silicon Valley Bank UK, said: “We are delighted to build on our relationship with Wise by leading and arranging this significant facility to enable the company’s next phase of growth.
“This financing continues our long-term relationship with Wise following the pre-IPO syndicated facility last year.”