TransferWise Reports Strong Growth and New Customer Records in Fiscal Year Ending March 2020

UTC by Daria Rud · 3 min read
TransferWise Reports Strong Growth and New Customer Records in Fiscal Year Ending March 2020
Photo: TransferWise

The latest TransferWise’s valuation totaled $5 billion, after the secondary share sale that saw investors buy equity from employees and early backers. However, the company has not yet been listed on an exchange.

London-based online money transfer company TransferWise has reported its results for the fiscal year ending March 2020. With 70% year-to-year growth and the latest $5 billion valuation, TransferWise demonstrates strong performance and fast development and expansion.

During the fiscal year 2020, TransferWise processed a total of £67 billion in customer payments. £42 billion of this was cross-currency volume. Compared with the 2019 financial year, it has almost doubled (a total volume then was £36 billion, of which £27 billion was cross-currency). Besides, the £302.6 million revenue exceeds last year’s £177.9 million figure with a profit before tax of £20.4 million. The net profit has also more than doubled to £21.3 million in the fiscal year ending March 2020.

TransWise CFO Matt Briers said:

“When you look through all of the noise, actually what we see is more people joining TransferWise. The macro shift from old world tech to new world tech has been accelerated.”

The company stated:

“2020 is the fourth consecutive financial year in which TransferWise has been profitable whilst continuing to scale fast.”

TransferWise has also successfully resisted the coronavirus pandemic. Remote working has always been part of its culture, therefore, there has been no problem to continue operating. All our employees are still working from home.

About TransferWise

Launched in 2011, TransferWise is an online money transfer service that supports over 2500 currency routes across 50 currencies including GBP, USD, EUR, AUD, and CAD, and provides multi-currency accounts. Trusted by more than 7 million customers, TransferWise is a top choice for international money transfers.

The company received seed funding of $1.3 million from a consortium including venture firms IA Ventures and Index Ventures, IJNR Ventures, NYPPE as well as PayPal co-founder Max Levchin and former Betfair CEO David Yu. In May 2013, it secured a $6 million investment round led by Peter Thiel’s Valar Ventures. Next year, TransferWise raised $25 million, among investors was Richard Branson. In May 2016, TransferWise secured a $26 million funding, which raised its valuation to $1.1 billion.

The latest TransferWise’s valuation totaled $5 billion, after the secondary share sale that saw investors buy equity from employees and early backers. However, the company has not yet been listed on an exchange. As Briers has explained, TransferWise “could list right away” but “the resilience and robustness of the business is probably higher than that of a public company.” He added:

“There’s a lot of work involved in running a public company that doesn’t, at the minute, help our customers.”

TransferWise serves more than 8 million people and businesses. Large companies and banks use TransferWise technology as well. According to the company, its entirely new cross-border payment network can power money without borders for everyone and everywhere.

Business News, FinTech News, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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