Wirex raises $15M to develop R&D in Ukraine

Wirex, a British fintech company that launched its product in Ukraine back in December 2021, has announced the raising of a $15 million investment, representatives of the company told AIN.UA.

Funding details

As reported, the raised funds will go toward the Ukrainian R&D center development. The company aims to engage developers in Ukraine to create new features for fintech products and scale payment services after the recent launch of the product in the US. Over 250 Ukrainian IT professionals are already working on the product.

“In early February, we successfully launched our Wirex App product in the United States. As a result, we use the raised funding to invest in people, business processes, and product development to actively scale our operations,” commented Wirex co-founder Pavel Matveev.

  • The company has not disclosed the investors in the fresh round.
  • Wirex said the $15 million investment is an interim round of funding before the next $60-80 million Series B round, which is planned for 2022, expecting the investment would significantly increase the company’s value.
  • Wirex CTO Ruslan Kolodiazhnyi says Wirex is looking for “professional developers and tech experts” from all over Ukraine for remote work on the company’s products.
  • The company plans to develop new features, including payment and trading tools, integrate new blockchain protocols, DeFi applications, and scale the product to new markets.

About Wirex

  • Wirex is a British fintech company headquartered in London, founded by Pavel Matveev and Dmitry Lazarichev in 2014.
  • Wirex has offices in London, Atlanta, Toronto, Singapore, and Tokyo. Also, it has an R&D center in Ukraine. Over 400 specialists globally are working on the products. By the end of 2022, Wirex plans to expand its team to 600 professionals.
  • In December 2021, Wirex entered the Ukrainian market. Using the company’s solution, Ukrainians can buy and exchange Bitcoin, Ethereum, Dogecoin, and more than 20 other cryptocurrencies. They also can create savings accounts based on DeFi decentralized finance technology.