Monday, November 11, 2024
Fintech Connect Leaderboard | FFNews

Breaking News

SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Akuna Wallet Unlocks the Digital Economy for African Creatives Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Ozean Partners With HELIX to Bring $100M of Private Credit On-Chain Ebury Expands Its Presence in International Football With C.D. Leganés Sponsorship Isle of Man Launches Sustainable Finance Roadmap to Establish Leading Position in Green Finance Higlobe Partners with Bitso Business to Provide Freelancers  And Small Businesses with New Crypto Payment and  Investment Options Through the Bitso Platform TD Integrates With TouchBistro to Provide Payment Solution to Canadian Restaurant Owners Caruso and Fidel API Renew Partnership to Enhance Consumer Experience With Innovative Card-Linked Offers Wealth Management Firms Expected to More Than Double AI Budgets: Wipro Survey Kemba Credit Union Launches Alkami’s Digital Banking Platform for Retail and Business Members Groov Secures £1.5m to Pioneer Next-gen Embedded Lending Solution to Solve the $1.2trn Funding Gap in the Global SME Sector Nine in Ten Businesses Think Sustainability Will Impact Their Future Operations, but Many Don’t Yet Have Targets to Aim For

Wise secured £160m from Silicon Valley Bank

Silicon Valley Bank UK Branch (SVB), announced it decided to provide Wise a new £160m capital facility so the company is able to refinance its existing debt.

Wise has also joined the Temenos marketplace and to expand the reach of the company’s services across the world.

Read also: Mastercard and bunq introduced cards with the True Name feature

“The revolving loan provided by Silicon Valley Bank will offer us flexible and efficient access to working capital, meaning we can continue bringing our service to as many customers as possible, regardless of where in the world they are,” Matt Briers, chief financial officer at Wise, said.

Thomas Easterby, Director of Corporate Finance at SVB UK & EMEA, says: I am delighted that the Silicon Valley Bank’s UK & EMEA Corporate Finance team has been able to lead the financing for Wise as it plans its next phase of growth.

“This financing builds on our long-term relationship with Wise and showcases how SVB collaborates with innovation companies throughout the journey,” he adds.

Wise will allegedly make use of the cash for “ongoing working capital requirements,” perhaps for its rumoured upcoming London IPO.

Speaking on the development, Rosh Wijayarathna, Head of Corporate Finance, SVB UK and EMEA, stated, “Supporting innovation, innovators and their investors is in our DNA, and SVB’s Corporate Finance team is delighted to provide this facility to Wise. We are now seeing the UK create global market leaders and the UK ecosystem maturing as a world-leading innovation hub.”

[mc4wp_form id=”2736″]

Joining Temenos marketplace will see Wise connected with more than 3,000 banks and financial institutions around the world.

The cross-border payments that Wise provides are about eight times cheaper than traditional banks and institutions.

“Together with Wise, we are making banking better. Wise brings a truly borderless experience to international banking and payments,” Martin Bailey, product director at Temenos, said.

  1. SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Read more
  2. Akuna Wallet Unlocks the Digital Economy for African Creatives Read more
  3. Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Read more
  4. Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Read more
  5. Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Read more
FIX France Banner - 300x300 | Fintech Finance News