Annual revenue at TransferWise grew to £302.6 million. These results show a net profit after tax of £21.3 million for the fiscal year ending March 2020.
This August TransferWise’s early investors sold some of their stakes in a $319 million secondary deal. With that, the value of the company was estimated at $5bn.
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Transferwise has consistently ended up in profit since 2017. The company said it processed a total of £42 billion in cross-border payments across the year, as well as an additional £25 billion in domestic payments.
Breaking down revenue by different regions, the London-based firm said Europe accounted for over half of its income while the U.S. made up 26% and Asia-Pacific 22%.
TransferWise has managed to stay profitable unlike challenger banks like Revolut, Monzo and Starling. Revolut recently reported that their losses had tripled from £32m to £107.4m. Monzo reported that its pre-tax losses had grown to £115.4m, and Starling reported a loss of £53.6m.
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,” he added.