Transferwise revenue up, company profitable for third year in a row
In the fiscal year ending in March 2019, Estonian-founded and U.K.-based international money transfer company Transferwise saw its annual revenue increase 53 percent to £179 million (€201 million), while net profits totaled £10.3 million (€11.6 million).
"Transferwise has shown strong growth for eight years, and it is our duty to manage it responsibly and sustainably," Transferwise CEO and co-founder Kristo Käärmann said. "Financial technology has proven ten times over that it is capable of offering clients a higher-level experience at a low cost, but we believe that the key to success is also hidden in the strong and trustworthy building up of our company. Our financial results prove that the Transferwise team has worked out the formula for this."
Transferwise initially offered international bank transfers, but has since expanded its portfolio: every month, 10,000 new business clients sign up who are, together with major companies and banks themselves, now linked to the company's application programming interface (API), Transferwise said.
Every month, Transferwise makes customer payments worth £4 billion (€4.5 billion) in total. The company has a total of 6 million clients worldwide, and employs over 1,700 people in 12 offices around the world.
Transferwise was founded in 2011 by Estonians Taavet Hinrikus and Kristo Käärmann. To date, the company has raised $689 million (€622.9 million) from investors such as Lead Edge, Lone Pine, Vitruvian, IVP, Merian Global Investors, Andreessen Horowitz, Richard Branson and Valar Ventures.
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Editor: Aili Vahtla