London-based tech start-up Transferwise has raised $25m of Series B investment from Sir Richard Branson, PayPal founder Peter Thiel among other investors.
Other participants in the funding round include venture capitalists Index Ventures and Kima Ventures.
Founded in 2011, the firm has raised $33m in the past three three years.
TransferWise’s co-founder Taavet Hinrikus said: “Branson has been a fan for a while. He didn’t need a lot of convincing to be a part of it.
“What we do is right up his alley. He loves a David vs Goliath story. He has played David many times himself and he has invested in many David-type businesses before.”
Branson said: “Financial services such as foreign exchange have been ripe for disruption for decades and it’s great to see TransferWise bring transparency to the market.
“It’s encouraging to see entrepreneurs using technology to reinvent the old-fashioned FX industry and make a real difference in the market. I see tremendous opportunity for startups like Transferwise to offer breakthrough financial services and products,” he added.