TransferWise reports second year of profit

Source: TransferWise

Annual revenue at TransferWise grew by over 75% in the last financial year to £117 million, the company announced.

TransferWise’s audited results show a net profit after tax of £6.2 million for fiscal year ending March 2018.

This is the second year that TransferWise has reported a profit, and comes on the heels of its Europe wide borderless account launch earlier this year.

TransferWise in numbers
• The company now serves 4 million customers worldwide
• 30 price drops for customers in nine months
• People are using TransferWise to transfer £3bn billion every month, saving themselves £1bn a year / £3m a day compared to making the same transaction with their bank
• 1300 currency routes, 49 currencies
• Over 1,200 people in the team in nine global offices - looking to hire 100 more engineers over next 18 months

Borderless account growth and major partnerships
• Launched borderless accounts, with Mastercard debit cards, for Europe-wide consumers April 2018
• Over two million transactions have been made on TransferWise debit cards to date, and over £2bn in deposits. A US launch will be the next to rollout
• Announced partnerships with BPCE Group in France, and Monzo in the UK, who will now offer customers sending money abroad the TransferWise experience
• 5,000 new active business customers every month

Kristo Käärmann, CEO and co-founder of TransferWise said: “It’s been a landmark year for TransferWise. We’ve set a new standard for financial services companies, consistently lowering the prices we charge customers and inspiring the beginnings of a refreshing wave of transparency amongst other providers.

“We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term. Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.

“Bringing banks, old and new, into our mission to provide faster, cheaper international payments is a vital step on this journey. And the global growth of the borderless account and debit card has brought our service to a new customer base. All this leads to fairer, more convenient services for people all over the world.”

The company’s Annual Report for the financial year ending March 2018 revealed the company had continued its rapid growth trajectory, showing the company’s annual revenues at £117 million (2017: £66 million). Operating profit rose to £9.5 million, after a loss of £519 thousand in 2017.

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