TransferWise’s annual report records 70% growth in revenue

By Megha Bhattacharya

TransferWise today announced that its annual revenue grew by 70% in the last financial year to £302.6 million. The company’s audited results showed a net profit after tax of £21.3 million for the fiscal year ending March 2020. The business has consistently reported a profit since 2017.

The company revealed that in the financial year customers sending money from Europe contributed 52% of its overall revenue. The US business of TransferWise contributes to 26% of revenue, while the remaining 22% is attributed to the rest of the world, including APAC.

Kristo Käärmann, CEO and co-founder of TransferWise said, “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.”

TransferWise stated that it has processed a total of £42 billion in cross currency transfers, with a total volume of £67 billion including domestic payments across the financial year. It sends over £4 billion in cross-border payments every month.

The company currently serves 8 million customers. 30% of its international transfers are instant. It recently launched ne services for businesses, banks and achieved $5 billion valuation, after the secondary sale of $319 million in July 2020, taking its total raise in primary and secondary funding to over $1 billion.