UK-based money transfer start-up TransferWise has become Europe’s most valuable FinTech after its latest investment round.

The new valuation follows a statement from the company revealing it has raised $292 million, bumping its valuation to $3.5 billion in total.

The London company, cofounded by chairman Taavet Hinikus and CEO Kristo Käärmann, saw no new shares issued or capital raised. Instead the growing company has provided an opportunity for early investors and employees to sell some of their stock to newer investors.

Vitruvian Partners, Lone Pine and Lead Edge bought stakes in unicorn in a secondary share sale.

With more than 1,600 employees worldwide and another 750 hires planned in the next 12 months, the company’s growth has seen it post a net profit of £6.2 million in the year ending March 2018 and almost double revenue to £117 million.

The peer-to-peer international money transfer platform has raised $480 million in its past eight years. It now serves 5m customers worldwide, processing £4bn every month.

Hinrikus said the new valuation and the company’s success did not necessarily signal plans for an IPO.

“While we believe we’ll be a public company eventually, that doesn’t help us do what we want to do in the next couple of years,” he said.

Kaarmann added: “TransferWise is experiencing phenomenal growth and this investment is testament to that. We don’t need to raise funds to continue on this trajectory, but we’re humbled by the persistent level of interest in joining our mission.”

The company has been lobbying for better regulation around cross-border payment mark-ups. Last year the EU voted to mandate the outlawing of exchange rate mark-ups on international payments.

Nimay Mehta, general partner at Lead Edge said in an interview that the changes would give opportunity TransferWise the opportunity to grow “exponentially”.