TransferWise said it raised $319 million in a secondary share offering led by D1 Capital Partners and Lone Pine Capital, which puts the firm at a valuation of $5 billion. The valuation is a 43% increase from May 2019.

The round allowed existing investors and employees to sell their holdings to new investors. The company said that Vulcan Capital joined as a new investor, while Baillie Gifford,Fidelity Investments and LocalGlobe expanded their existing holdings.

"There's lots of talk about unicorns, but in reality we're building something even more rare," Kristo Kaarmann, founder and CEO of Transferwise. "Transferwise is a fast-growing, profitable business, guided by a mission to build the best way to move money in the world, instant, convenient, transparent and eventually free."

The company said it has eight million customers worldwide and processes 4 billion British pounds ($5.2 billion) in cross-border payments per month.