Silicon Valley Bank provides Wise with a new £160m facility to support its refinancing
Company news | May 19, 2021
London, May 19, 2021 – Silicon Valley Bank UK Branch (SVB), the bank of the world’s most innovative companies and their investors, today announced it has provided Wise a new £160m capital facility to refinance existing debt. The financing will support Wise with its funds flow and ongoing working capital needs.
The syndicated facility led by Silicon Valley Bank’s UK & EMEA Corporate Finance team was put in place to help refinance Wise’s existing revolving line of credit. Silicon Valley Bank UK Branch has arranged similar syndicated facilities for other UK FinTech and corporate clients.
Matt Briers, Chief Financial Officer at Wise, said: “Our mission is to create money without borders - instant, convenient, transparent and eventually free. 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.”
“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,” says Thomas Easterby, Director of Corporate Finance at SVB UK & EMEA.
“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”, adds Rosh Wijayarathna, Head of Corporate Finance, SVB UK and EMEA.
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold 54 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing tech companies having raised over $1 billion in primary and secondary transactions from world leading investors.
10 million people and businesses use Wise, which processes over £4.5 billion in cross-border transactions every month, saving customers over £1 billion a year.
About Silicon Valley Bank:
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world. With commercial and international banking services, SVB helps address the unique needs of innovators. Learn more at svb.com/uk.
Matthew Gazeley – SVB UK & EMEA PR Manager
Deanna Green – Prosek Partners
Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146).