TransferWise has announced its latest financial figures as the global money transfer service revealed it grew its revenue by more than 75 percent while hitting profitability for the second year in a row.
Founded out of London in 2010, TransferWise offers a peer-to-peer (P2P) money transfer service that bypasses banks to keep currency conversion fees down. The company has raised around $400 million in funding — including a $280 million chunk last year — from big-name investors, including Valar Ventures, Andreessen Horowitz, Richard Branson, and Baillie Gifford.
For its fiscal year ending March 31, 2018, TransferWise reported income of £117 ($151 million), up from the £67 million ($87 million) reported last year. The company also reported a net profit (after tax) of £6.2 million ($8 million), which is marginally down on last year’s £7.42 million ($9.6 million), though this was largely due to a one-off “non-cash non-deferred tax asset,” a spokesperson told VentureBeat.
Additionally, TransferWise reported a £9.5 million ($12.2 million) operating profit, compared to a 519,000 ($672,000) loss last year.
At its last round of financials in 2017, TransferWise claimed 2 million customers, a number that had grown to 3 million by April. Today, the company revealed that it has doubled its customer count in the past year to 4 million people, who now collectively transfer around $4 billion each month.
Part of this growth can be attributed to the recent launch of its “borderless bank account,” which originally launched to help businesses store money in different currencies but was later also rolled out to the European consumer market. The company said more than 2 million transactions have been made with the TransferWise debit card, to date, and it plans to make the service available in the U.S. later this year.
“It’s been a landmark year for TransferWise,” said TransferWise CEO and cofounder Kristo Käärmann. “And the global growth of the borderless account and debit card has brought our service to a new customer base. All this leads to fairer, more convenient services for people all over the world.”
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