TransferWise reports profits third year in a row
- The international money transfer company continues to grow globally.
- It joins just a handful of large fintech firms that have found a path to profitability.
TransferWise reported a 53 percent jump in revenue for the third successive year. Annual revenue was $222 million with a net profit after tax of $12.7 million.
Growth by the numbers: In its earnings release today, the international money transfer firm shared some inside data about the size of its business.
- TransferWise processes $4.9 billion in customer payments every month (domestic & cross-border). It offers 1600 currency routes and 49 currencies.
- Over 20 percent of its international transfers are instant, which means they are delivered in less than 20 seconds.
- Business accounts are important for the firm at it matures into something that looks very similar to a challenger bank. The firm says it has 10,000 new business customers join every month.
- The firm’s borderless account functions like a bank account and is available in 170 countries. The firm recently offered a debit card for US borderless account holders. The money held by TransferWise customers in their borderless accounts today is now over $1.2 billion.
- The company employs over 1,700 people in twelve global offices. It has plans to hire 750 more in the next year.
- TransferWise has agreements with France’s second largest bank, BPCE, as well as challenger banks Monzo and bunq to offer the TransferWise experience to their customers
“Eight years in, TransferWise continues to see phenomenal growth, and it’s our duty to manage that responsibly and sustainably,” said Kristo Käärmann, CEO and co-founder of TransferWise.
Saving people money: TransferWise’s mandate continues to be to slash the cost of currency transfers. This continues to motivate the company as it scales globally.
“Our north star is the money we save people every year through our low cost, transparent model,” Käärmann said.
“Today that is £1 billion annually, but there are hundreds of billions to go. That’s why international expansion has stayed at the top of our agenda – we’re focused on bringing the best way to move money around the world to everyone who needs it.”