TransferWise is said to be planning a 2021 IPO

TransferWise, the U.K.-based cross-border payments fintech that’s reportedly valued at $5B, is preparing to go public in the new year, according to Sky News.

Why should we care?
TransferWise saw strong growth this year as cross-border digital payments got a boost during the pandemic. The company recently reported 70% revenue growth in the last financial year to £302.6M ($407M). TransferWise also doubled its profits in the 12 months leading up to March 31, with its customer base exceeding nine million this year. Going public would likely make the company among the most valuable technology companies established in Britain. Sky News reports that London is said to be the preferred listing destination of the company’s founders, with Goldman Sachs being positioned for a leading role in a public markets launch. Going public through a special purpose acquisition company (SPAC) is also being considered, the report says. TransferWise recently committed to add 750 jobs over the next six months, equivalent to more than a third of its current workforce, a move the company described as “just the beginning,” as it rolls out its expansion plans.