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Transferwise profitable as of this calendar year
Estonian-founded Transferwise, a peer-to-peer (P2P) international money transfer service, announced that it has turned a profit as of this calendar year, just six years following its launch.
The London-based company, founded by Estonians Taavet Hinrikus — Skype's first employee — and Kristo Käärmann, is expected to record a loss before taxes of £2.6 million in the fiscal year that ended in March, however it has turned a profit as of this calendar year, reported the BBC.
"To have hit break-even just six years on from launch shows how strong the foundations of our business are," said Hinrikus.
Investors in Transferwise include Richard Branson, Peter Thiel and venture capital firm Andreessen Horowitz.
Editor: Aili Vahtla