TransferWise FY revenue jumps 169% to €35m (10)

9/5/2016 12:50 PM
Source: BNS
Category: Business

TransferWise, the Estonian-born provider of international online money transfer services, boosted its revenue by 169 percent year on year to 35 million euros in the fiscal year that ended in March. Its losses increased 50 percent as well, however, to 21 million euros.

TransferWise's monthly revenue has doubled during the past 12 months to 6 million euros. The company, which has crossed the one-million user mark, handles one billion euros of its customers' money per month, saving them a total of 45 million euros. The monthly number of transactions has hit 600,000, marking an increase of 50 percent compared to six months ago.

"Five years ago, when we started out with TransferWise, we only handled payments between Estonia and the UK," said Taavet Hinrikus, co-founder and CEO of TransferWise, in a press release. "Today we offer payments to 645 different destinations and into 90 percent of the world's bank accounts."

He added that changes in the world of finance were still in the early phase. "Already today technology companies are among the best providers of financial services," said Hinrikus. "Ten years from now, the role of banks will have changed substantially."

TransferWise launched a partnership with Estonian bank LHV and German online bank N26 this year. The company set a precedent in August by being the first tech enterprise to integrate into the British express payments service Faster Payment Service as well.

The service provided by TransferWise enables customers to send money from 36 countries and to 55 countries in a total of 38 different currencies.

TransferWise employs a workforce of 600 across eight offices around the world. It is slated to open an office in Sydney next.

Editor: Aili Vahtla

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