Business Technology

Friday 20 September 2019

Revenue at TransferWise doubles as money transfer firm now serves over two million customers

Louise Kelly

Louise Kelly

Transferwise has more than doubled in revenue since 2016, jumping 140pc from £28m to £67m for the financial year ending March 2017.

The results from the money transfer company show an adjusted operating profit (EBITDA) of £2m and an overall profit of £7.4m. The current revenue run rate is at £120m.

According the firm's annual report, over two million customers are using TransferWise to transfer £1.5bn every month; the number of transactions made over the platform doubled in a year.

Last week, the company disclosed a $280m investment round ahead of further expansion plans in APAC and developing its borderless account.

TransferWise, which launched borderless accounts for businesses in May, can deliver to more than 90pc of the world's bank accounts.

The firm's Payouts API enables SMEs to send payments directly to bank accounts or to recipients’ email addresses in 34 currencies and 51 countries.

"We’ve shown that you can be a sustainable company while charging the least amount possible and passing on the savings gained from innovation to end users," Taavet Hinrikus, chairman and co-founder of TransferWise said.

"Our early investments in a solid foundation for the business have given us a global and growing customer base. But there are millions of consumers and businesses out there who are still being underserved, so our mission is far from complete."

There are currently over 800 people in Transferwise team in nine offices globally, recently having opened the APAC hub in Singapore.

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