European fintech unicorn TransferWise announced the financial results of its fiscal year.
TransferWise submitted their PwC audited annual financial report for 2020 fiscal year. In the financial year, TransferWise processed a total volume of £67 billion, and sent £42 billion across borders, saving a £1 billion a year for customers, compared to making the same transfers with the bank.
The 2020 financial year TransferWise saw 70% growth in annual revenue to £302.6 million, and was the fourth year in a row in which TransferWise has posted a profit. Despite Covid-19 pandemic, TransferWise lower their fees by 15% and even in that situation, they achieved to gain more customers and net profit than doubles.
As of today, TransferWise serves more than 8 million people and businesses. As of today, TransferWise serves more than 8 million people and businesses. The user base was 6 million in the preceding fiscal year. That means 33% yearly growth.
Also now they are working together with many challenger banks and they are expanding their customer base. From this perspective, we could say TransferWise is killing traditional bank's international remittance businesses and giving them to hard times. TransferWise was most recently valued at $5 billion.
TransferWise Founder and CEO Kristo Käärmann:
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.
You can see some key findings image below:
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