REX: TransferWise Hits Success

The British Unicorn TransferWise reports their money transfer business has been profitable for the third year in a row.

Their revenue increased by more than 53% over the last fiscal year, or £179 million (€200 million). They posted an annual net profit of £10.3 million for the fiscal year ending in March 2019.
Since launch in 2011, TransferWise has been expanding their range of products beyond their initial set of money transfer services, which seem to have achieved success as expected:
- 10,000 new companies opening an account each month;
- Several large-scale groups connected to their API;
- Multi-currency account available in more than 170 countries;
- Successful multi-currency Mastercard card in the UK and Europe.
Partners: TransferWise has a partnership in place with the French group BPCE, as well as with challenger banks such as Monzo and bunq.

TransferWise Key Figures

6M users

€4B sent each month

Over €1B saved by customers each year

12 offices

1,700 employees

Maintaining growth. TransferWise is one of the few FinTechs making profit. After eight years, they still experience growth and keep trying to handle this is a responsible, sustainable manner.
Securing customer loyalty. This FinTech aims at enabling their customers to save money each year. To achieve this goal, they bet on a transparent model, accessible to all relying on low service costs.
Strengthening their international presence. They also intend to achieve international expansion. Earlier this year, TransferWise contacted the National Bank of Belgium so they could run their business from the European capital.

In May 2019, TransferWise raised nearly $300 million, lifting their valuation to $3.5 billion.
Several other unicorns worth over $1 million still haven’t been able to report year-over-year profit. In June, the British FinTech Monzo, for instance, raised $144 million yet –despite increasing revenue– they reported £47.2 million post-tax loss for 2018.

Category : Alertes quotidiennes

Source : CNBC