British FinTech leader Transferwise reports that it has more than doubled its profit in the last 12 months.
The scale-up’s results for the past fiscal year show a 70% rise in revenue to £302.6m, and a net profit of £21.3m for the fiscal year ended March 2020, double its £10.3m figures a year earlier.
The results mark the company’s fourth year of profit, and a reported total of £67bn in payments, £42bn of which was in cross currency transfers.
The company said it holds about £2bn in borderless accounts, with 107,000 businesses on-boarded in the financial year for its ‘TransferWise for Business’ service.
The company, which was valued at $5bn earlier this year after a secondary share sale, has launched new products across Europe, the US, APAC and the Middle East in the past year.
Kristo Käärmann, co-founder and CEO, 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.