London-based global remittance firm Wise has closed a £300 million capital facility in a financing round led by Silicon Valley Bank UK, with six other banks participating.

The syndicated facility, which was arranged by the bank’s corporate finance team, has a hold level of £100 million.

Wise was founded in 2011 as a money transfer service for individuals and businesses. The company has since added multi-currency accounts, debit cards and business accounts to its range of offerings.

Wise also became the first technology company to be directly listed on the London Stock Exchange in mid-2021 at a valuation of £8.7 billion.

“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,”

said Matt Briers, Chief Financial Officer at Wise.

“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,”

said Thomas Easterby, Managing Director of Corporate Finance at Silicon Valley Bank UK.