Transferwise ends fiscal year with profit for first time ({{commentsTotal}})

Transferwise currently operates nine offices across the globe. Pictured: Transferwise' Tallinn office. Oct. 19, 2015.
Transferwise currently operates nine offices across the globe. Pictured: Transferwise' Tallinn office. Oct. 19, 2015. Source: (Eero Vabamägi/Postimees/Scanpix)

Transferwise, an Estonian-founded and -developed provider of international online money transfer services, boosted its revenue 140 percent on year to £67 million (over €75 million) in the fiscal year that ended in March, with profits totaling £7.4 million (€8.3 million).

While the company saw a revenue of £27.9 million (€31.4 million) and a loss of £17.3 million (€19.5 million) in the fiscal year ending in March 2016, over the past year the company's revenue grew to £67 million (€75.4 million) and its net profit totaled £7.4 million (€8.3 million), it can be seen from the company's report.

 

The company's fiscal year last from April 1 to March 31.

 

Transferwise announced on Thursday it had attracted an investment of $280 million. The company is currently focusing on developing the Borderless virtual account service and expanding its operations on the growing Asian and Pacific Ocean regional markets, and intends to expand to India in the future.

Transferwise, which mediates over €1 billion worth of money transfers per month, was founded by Estonians Taavet Hinrikus and Kristo Käärmann in 2011. Investors in the company include Andreessen Horowitz, Richard Branson, Peter Thiel and Max Levchin.

Editor: Aili Vahtla

Source: BNS



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