20 August 2017
visit www.avoka.com

Fintech unicorn Transferwise moves into the black

17 May 2017  |  7057 views  |  0 Pound note Queen Close up

Fintech unicorn Transferwise says the company has reached operational profitability six years after launch.

The London-based currency exchange startup says it is currently amassing £8 million a month in revenue and is on target to reach £100 million for the year.

Transferwise more than doubled revenue in the year to March 2017, pulling in one million customers attracted by the ease and simplicity of its user interface and promise of fee-free foreign exchange rates.

The company, which claims a 10% share of the overseas money transfer market in the UK, says it expects to add another 500,000 customers over the coming year.

CEO Taavet Hinrikus says: "To have hit break-even just six years on from launch shows how strong the foundations of our business are. This is just the starting point. With the unique platform we’ve built, we’re looking forward to creating a new kind of financial services for the future."

KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Transferwise boss warns fintech startups against Brexit Britain

Transferwise boss warns fintech startups against Brexit Britain

12 April 2017  |  12952 views  |  6 comments | 15 tweets | 8 linkedin
TransferWise integrates with Facebook Messenger

TransferWise integrates with Facebook Messenger

21 February 2017  |  6572 views  |  0 comments | 23 tweets | 19 linkedin
TransferWise for Business launches

TransferWise for Business launches

16 August 2016  |  9537 views  |  1 comments | 17 tweets | 9 linkedin
Bank-bashing TransferWise bashed by advertising watchdog

Bank-bashing TransferWise bashed by advertising watchdog

04 May 2016  |  9573 views  |  1 comments | 21 tweets | 6 linkedin
Number26 adds in-app access to TransferWise API as startups gang up on banks

Number26 adds in-app access to TransferWise API as startups gang up on banks

25 February 2016  |  11713 views  |  0 comments | 14 tweets | 16 linkedin
Vikram Pandit invests in TransferWise

Vikram Pandit invests in TransferWise

06 October 2015  |  6011 views  |  1 comments | 8 tweets | 5 linkedin
TransferWise breaks £500 million per month milestone

TransferWise breaks £500 million per month milestone

08 June 2015  |  6357 views  |  0 comments | 11 tweets | 9 linkedin
TransferWise makes US play; WorldRemit lands $100 million funding round

TransferWise makes US play; WorldRemit lands $100 million funding round

17 February 2015  |  7531 views  |  0 comments | 9 tweets | 6 linkedin
Andreessen Horowitz leads $58 million investment in TransferWise

Andreessen Horowitz leads $58 million investment in TransferWise

26 January 2015  |  6721 views  |  1 comments | 13 tweets | 9 linkedin
TransferWise sniffs $1 billion valuation as Sequoia Capital plots $50m investment

TransferWise sniffs $1 billion valuation as Sequoia Capital plots $50m investment

11 November 2014  |  8731 views  |  0 comments | 12 tweets | 4 linkedin
Richard Branson joins $25m TransferWise funding round

Richard Branson joins $25m TransferWise funding round

10 June 2014  |  7788 views  |  0 comments | 3 tweets | 6 linkedin
TransferWise launches money transfer app

TransferWise launches money transfer app

23 October 2013  |  5801 views  |  0 comments | 5 tweets | 12 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.niceactimize.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9727 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8162 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7805 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
7558 views 0 | 2 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7042 views comments | 14 tweets | 13 linkedin