The Mitsui and Virgin-backed money transfer service more than doubled its valuation to $3.5bn in a round that involved existing backers selling shares.

Institutional investors have bought $292m of shares in TransferWise, the UK-based cross-border financial transfer service backed by conglomerate Mitsui, at a $3.5bn valuation, CNBC reported today. Investment firm Vitruvian Partners, investment manager Lone Pine Capital, venture capital firm Lead Edge Capital and funds managed by investment manager BlackRock bought shares in TransferWise while existing backers…

The rest of this content is only accessible to Subscribers.

This content is only accessible to subscribers. If you are a subscriber, please sign in. Otherwise, if you would like to try before you buy and haven't previously taken out a free trial, you can do so below. You can also see details on subscriptions by clicking the Subscription Options button.