Peer-to-peer currency startup TransferWise is in advanced discussion to raise $50 million from Sequoia Capital in a deal that would value the London-based company at close to $1 billion.
The investment, first reported by the Financial Times, would be Transferwise’s largest to date. The startup has so far raised $33m in the three years since its launch.
The fast-growing company has handled more than £1 billion in foreign currency transfers on behalf of users, who side-step bank fees by performing peer-to-peer currency exchanges at the mid-market rate.
The startup claims that it is now moving beyond the 'early adopter phase' and is ready to challenge the high street banks for mainstream customers.
The company recently overhauled its Website and mobile app following a $25 million investment six months ago led by Richard Branson.
TransferWise has taken an aggressive approach to its marketing campaign, openly mocking the traditional banking industry for its high prices and shoddy services. Last month the company led a funereal march of more than 100 people dressed as skeletons across London to highlight its 'no hidden fees' campaign.