TransferWise expands to UAE

TransferWise founders Kristo Käärmann and Taavet Hinrikus aren't taking any chances when it comes to the possibly of a no-deal Brexit. Source: Transferwise

Estonian money transfer company TransferWise is to launch its services in the United Arab Emirates (UAE) next year and open an office in Abu Dhabi, CNBC reports.

The company announced Tuesday it obtained a license as a Money Services Provider in Abu Dhabi. The license will allow users in the UAE to transfer funds in the local dirham currency, also referred to as AED, into accounts around the world through TransferWise's platform.

"Money transfers from AED have long been one of our most wished for currencies, so we always knew we'd begin our expansion into the Middle East in the Emirates," Kristo Kaarmann, CEO and co-founder of TransferWise, said in a statement Tuesday.

TransferWise also said Tuesday it would open a global office in Abu Dhabi Global Market (ADGM), the state's financial center.

TransferWise said it will bring its first product to the UAE in 2020.

There are over 200 people working at the company's head office in London. Transferwise already has regional head offices in London, New York and Singapore. Along with the one to be established in Brussels, the company will have 10 offices, including those in Tallinn, Budapest, Cherkasy, Tokyo, Sydney and Tampa.

TransferWise has six million customers across the world and four billion British pounds' worth of payments are made via the company's platform every month.

The financial year ended March 2019 was the third financial year in which TransferWise made a profit, and its revenue for the 12-month period grew by more than 53 percent to 179 million pounds sterling. The audited results of TransferWise show the period's net profit after the deduction of taxes as totaling 10.3 million pounds. The company has been continuously profitable since 2017.  

TransferWise is an international fintech company founded in 2011 by Estonians Taavet Hinrikus and Kristo Kaarmann.


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Editor: Helen Wright

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