Silicon Valley backing

A SILICON Valley investor is poised to plough tens of millions of pounds into a British digital payments company, it has been claimed.

California-based private equity fund IVP is reportedly talks to invest in Transferwise, an online currency exchange business that is one of London’s rising fintech stars.

IVP has previously backed high-profile US start-ups Snap, Twitter and Netflix and its support is seen as a huge vote of confidence.

A major investment could cement Transferwise’s position as one of the UK’s top tech companies. An agreement is imminent, sources told Sky News, and could value the company at more than $1bn (£775m) – making it a so-called ‘unicorn’.