TransferWise hits another year of profits as customers hit 6 million

By Daniel Lanyon on Wednesday 18 September 2019

Digital Banking

The fintech firm has reported 53 per cent annual revenue growth and TransferWise is now processing £4bn in customer payments every month.

TransferWise hits another year of profits as customers hit 6 million
Image source: Transferwise

Worldwide adoption of 'borderless banking' and its new foray into business accounts have boosted revenue at TransferWise by over 53 per cent, according to the firm's latest numbers.

In the last financial year revenues rose to £179m, with a net profit after tax of £10.3m for fiscal year ending March 2019. 

TransferWise, which is now valued at $3.5bn, has broadened its product offering in recent years and now says that 10,000 new business customers join every month, with large corporates and banks also now plugged into the TransferWise API. 

Its borderless account is available in 170+ countries. The accompanying borderless debit card most recently launched in the USA, Australia and New Zealand, with Singapore and Japan next on the list. The company now serves 6 million customers worldwide. Over 1,700 people now work for the firm in twelve global offices - looking to hire 750 more in the next year

TransferWise announced secondary funding of $292m in May 2019, taking its total money raised to date to $689m and it has partnerships with France’s second largest bank, BPCE, as well as Monzo and bunq.

Kristo Kaarmann (pictured right), CEO and co-founder of TransferWise said: “Eight years in TransferWise continues to see phenomenal growth, and it’s our duty to manage that responsibly and sustainably. Fintech has proven ten times over that it can offer consumers a next-level experience at a low price, but we believe the magic is found in building a solid business that can be trusted long-term. Our financial results prove that TransferWise team has cracked that formula.”

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