Remittance

TransferWise Records a Whooping 70% Revenue Growth in the Past Year

Fintech unicorn TransferWise announced that its annual revenue had grown by 70%, hitting a profit of £302.6 million (S$531.65m) for the past financial year.

TrnasferWise recorded a net profit of £21.3 million (S$37.42m) for fiscal year ending March 2020. The business has consistently reported a profit since 2017.

Customers sending money from Europe contributed 52% of TransferWise’s overall revenue. The US business, launched in 2015, now contributes 26% of revenue. The remaining 22% is attributed to the rest of the world including APAC, which is TransferWise’s fastest growing region.

Its worth noting that in July this year, the fintech firm saw its valuation climb to $5 billion valuation following a secondary sale of $319 million.

Kristo Käärmann, CEO and co-founder of TransferWise said:

Kristo Käärmann

“TransferWise is about building a new way to move money in the world, the numbers on the balance sheet are there to support that. We’re building a way that’s faster and more convenient than the banks that came before us, and at a drastically lower, transparent price.

“Staying profitable as we grow is an essential proof point in this journey. We need to be able to scale globally while building a business that people can trust will be here for the long term. The numbers show that we’re continuing to do that, while staying focused on bringing our service to everyone that needs it.”

The company recently announced new FCA permissions to offer savings and investments options in the UK via the TransferWise borderless account, with the new product set to launch in the next 12 months.

Featured image: Transferwise Founder (L-R) Taavet Hinrikus and Kristo Käärmann