Transferwise revenue soars as business customers help fuel growth
Transferwise has posted a huge rise in revenue for the full year as increased uptake of its borderless account and business service helped fuel growth.
The London-based money transfer firm reported a 53 per cent increase in revenue to £179m, while net profit after tax hit £10.3m, up from £6.2m last year.
Read more: Transferwise expands to the US with digital banking effort
Transferwise said the strong growth was driven by positive trading in its business division, with the firm adding 10,000 new business customers each month.
The company’s traveller-friendly borderless account, which launched in the US this summer, has expanded to more than 170 countries and its customers now hold over £1bn worldwide.
“Eight years in, Transferwise continues to see phenomenal growth, and it’s our duty to manage that responsibly and sustainably,” said chief executive and co-founder Kristo Kaarmann.
“Fintech has proven ten times over that it can offer consumers a next-level experience at a low price, but we believe the magic is found in building a solid business that can be trusted long-term. Our financial results prove that Transferwise team has cracked that formula.”
Earlier this year Transferwise became Europe’s most valuable fintech company, after a $292m (£230m) funding round gave it a valuation of $3.5bn.
Read more: Transferwise becomes Europe’s most valuable fintech company
The firm, which enables international transfers at rates far lower than high street banks, now has 6m customers worldwide and processes £4bn in customer payments every month.
Transferwise was founded in 2011 by Kaarmann and fellow Estonian Taavet Hinrikus and has raised $689m in funding from investors including Lead Edge Capital, Lone Pine Capital, Vitruvian and Sir Richard Branson.
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